Brian Cowen (Laois-Offaly, Fianna Fail)

The point I made previously in response to Deputy Kenny is that, thankfully, this country has established some credibility in international markets due to what we have been proactively doing. One of the main messages that arises from the weekend's developments is that the strategy the Government has been pursuing since July 2008 has been vindicated. Firm action to arrest the fiscal deficit over a realistic period builds confidence and market credibility.

We must pursue vigorously all the elements of the economic recovery strategy especially on the question of improving the public finances - what is known as fiscal consolidation - or the markets would punish us severely. That is the reality we now have to face. What has happened has shown that the Government was correct to resist suggestions about prolonging the period of adjustment, which was something that was mentioned in the public debate at the time. The idea was probably mentioned in this House as well that we should have had a period of adjustment that was longer than up to 2014. Had we listened to that advice from elements of the Opposition-----

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