Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

No, I don't think so. I mean, the reason ... the proximate reason that the State went into a bailout was we couldn’t get money on the market and we were running deficits. And if you’re running deficits, you’re running your country on the last run of expenditure on borrowed money. And if no one will lend you, I mean, the choices are then make a big correction overnight so that your income from tax equals your expenditure. And that means cutting expenditure and raising taxes.