Micheál Martin (Cork South Central, Fianna Fail)

In the 2002 election Fine Gael and the Labour Party proposed we change the legislation so we could raid the fund. We are now being accused of having wasted and spent everything. We took 1% of GNP aside and put it away for a rainier day. Thanks be to God we did that. We also, through cash surpluses, reduced the national debt significantly over ten years. We reduced it to the low €20 billions, but now it is increasing again because of the current unprecedented economic recession.

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