Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

To date, no other country has done it within a single currency zone. Other countries have done it such as Argentina - the course proposed by Deputy Shane Ross. As a consequence, Argentina finds itself subject to ongoing legal trials and is still subject to rates of interest that make it difficult for it to borrow in the way it wants.

Another option put forward is that within the existing framework we should pursue a default and use the money to make the State more creditworthy. The argument against this is one we have made to date, namely, the rates of interest payable on a reduction in our debt level would create a platform from which we could borrow affordably in the future. The question I put in response to the refrain we have heard for many years is that in the event of such a unilateral default from where would the money come to fund what Members in this House care so much about.

That said, the debate on the programme, its nature and the rights and wrongs of how the Government has exited from the programme should not divert our energy from a broader debate which we should now instigate. Given that the country has exited the bail-out programme and we are going to do all we can to ensure we stay out of a bailout programme, we must ask what kind of economy and society we want in the future to ensure we will never go down this path again and that we create a society that will be capable of weathering all of the shocks and risks that could present. I touched on this point with my colleague, Deputy Peter Mathews, in a recent debate. He recommended a book to me on the topic under discussion. I thank him for making a gift of it to me, which I will return to him.

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