Brian Lenihan Jnr (Dublin West, Fianna Fail)

We are not alone in our economic difficulties. Our colleagues in the European Union and countries beyond have been affected. Virtually no economy can remain untouched by this global financial and economic crisis. We are in the international spotlight because of the pace and scale of the adjustment we are experiencing. International markets, on which we are now dependent for borrowing, need to be convinced we can address our difficulties. The immediate solutions to the crisis must be domestic. We need to restore the public finances to a sustainable footing.

We have taken actions in the teeth of opposition. As far back as last July, the Government acted by announcing spending cuts of €400 million effective for 2008 and €1 billion in 2009.

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