Dáil debates
Tuesday, 7 December 2010
Budget Statement 2011
4:00 am
Michael Noonan (Limerick East, Fine Gael)
The current budget deficit has shot up to 32% of GDP and the Government can no longer borrow. That is why it is out of the bond market because if it went to it, it could not borrow any longer. Ireland has become insolvent and that is why we have to be rescued by Europe and the IMF.
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