Pearse Doherty (Donegal South West, Sinn Fein)

-----or below it. The question is, what happens in mid or early 2013 when we have to go back into the markets when we have no other choice. We can go back next year, but we will have no choice in 2013. What happens if the rate is above the rate that is being cut on the EU-IMF package? Is there any possibility that we would have to go and seek an extension of the bailout, as we already have it or through another mechanism or combination from the ECB, the EU or the IMF? If the bond rates do not fall below 5.8%, will that be our only option or is it, at least, a possibility?

The Minister spoke of credibility and Members on this side of the House have credibility. I am sure he would agree the Taoiseach also has credibility. Is it damaging for the State when the Taoiseach states clearly that the State has funding to meet all requirements until the end of 2013? Given the Minister has blown that argument completely and utterly out of the water, does the Taoiseach, in making such statements when the international markets can do the sums as they have calculators at their desks, discredit and undermine the position of the State when they see him bluffing at such a high level?

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