Brendan Howlin (Wexford, Labour)

We are borrowing it at an affordable rate. The markets are unaffordable to us, the Deputy is right. It is disappointing that one rating agency has made a decision but, as one can see from the reaction of the German Chancellor and the Commission they do not agree with it. We must stick to our purpose, which is not to despair or give the counsel of despair or say we will collapse our own economy. We will, as we have done, map a way to economic solvency.

The people of Ireland have met the targets we have set. They have carried the burden with industrial peace because people want us to succeed. They want the Government to succeed in returning us to economic solvency. This is why there is still good will for this. There is hardship and people will resist the individual measures which we will try to make as fairly as we can. However, there is no alternative way. When one sees what the cost of money would be if one could buy it or get it on the open market it is wrong to suggest that our way is a folly. It is also wrong to suggest that somehow one can magic away the debt and continue to borrow money after telling one group of people to take a hike. That is a folly.

It is unfortunate that one rating agency has made the decision it has but it will not distract the Government and the very strong support we have had from the people on whom we depend to fund us. We are completely funded well into 2013. One has seen the dramatic changes that have occurred in the past two years. Who knows what will happen in the next two years but we will, step by step, get ourselves, our country and our economy onto a good footing.

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