The Jobs Minister Richard Bruton has said the debt restructuring agreement by Greece overnight is anything but a good deal for the Greek people.
It has shaved more than a hundred billion euro off Greece's crippling debt after bondholders agreed to take massive losses on their investments.
Minister Bruton has said Ireland's approach to fulfilling the bailout programme has worked and that the Govt would not want the same deal as Greece.
Mr Bruton said: "The Greek deal is anything but a good deal for Greek people; 50% unemployment, collapse in income, a huge shake-out in the public service.
"It is a devastating impact on ordinary people in Greece."