Professor John McHale:

I would not share that assessment of the reality of the situation as Deputy Mathews would see it. As this report notes that there are substantial risks to debt sustainability because Ireland has this uncertain growth future, we also must look at what is happening to market assessments of Ireland's creditworthiness. These are people who are putting money on the line and making judgments in terms of whether Ireland can do it or not, and of whether Ireland will end up defaulting.