Paschal Donohoe (Dublin Central, Fine Gael)

We should think through the matter now and not wait until 12 months time. As has been found with Greece, our ability to navigate our way forward is significantly impaired, notwithstanding the banking difficulties, by a significant fiscal deficit that must be serviced now. Whatever the measures taken by the Government to reduce the scale of the deficit, they must be taken quickly. Such is magnitude of the deficit. I read today that the Greek deficit is between 9.7% and 10%. There is little difference between that deficit and our own at the moment. All steps that can be taken to reduce it in a sustainable manner would appear to be in the national interest and should be done within this year.

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