Professor Patrick Honohan:

It looks as if that is how the participants in the bond market think about it. Deputy Higgins may say this seems like a heavy burden. They, however, are convinced by the adjustment of public spending and taxation that this is a path the Irish Government can sustain. That is how it looks at present. The Government is paying quite high interest rates. The interest rate spreads are above German rates because interest rates generally are low. This, however, is a path that international lenders find convincing.