Mr. Colm McCarthy:

This partly comes back to a question Deputy Barry raised. One either believes that careless lenders should take haircuts up-front in the cause of financial health, or one does not. If one does one must state the European institutions and the IMF, who signed up as lenders for this poor deal in 2010, and for an inadequate second deal, made silly loans and in the interests of restoring financial health they should now take haircuts. We are great in this country for saying the clowns who lent money to Anglo Irish Bank should have got haircuts. We all agree with this. Fair enough, I think the clowns who lent money to the Greek Government in 2010 should get haircuts, including European Governments and the IMF.