Professor Patrick Honohan:

I will address that point. Of course there are details and elements we can discuss, but the broad thrust of the policies that are being put in place is enabling Ireland to continue through these years to spend more than it earns, year in year out. We are continuing to add to our borrowings despite these policies. We have been able to do that because Ireland, that is Government policy and the willingness of the people to go along with it, has convinced the lenders that we will pay back, and so they continue to lend and allow us to have a more gradual adjustment than would otherwise be necessary. That is crucial.