Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

On the macro issues involved and the troika, perhaps I did not hear Deputy Arthur Spring's question fully, but is the IMF stating the multiplier effect was far greater than expected? That is a significant admission on its part. In subsequent discussions was there a rethink on the part of the IMF about the merits of cutting as a means to improve the economic situation and spur growth? The logic seems to have been that if we were to do this, we would somehow attract private investment. However, there is no sign of an increase overall in investment. Every year since 2007 the level of investment fell substantially until 2011, the figure for which was down on that for 2010 in terms of gross domestic capital formation. Where are the indications that the cutting approach is encouraging investment? Overall, the level of investment is down.