Joan Burton (Dublin West, Labour)

In the regard to the memorandum of understanding and the deal with the troika we have to balance two concerns. We have been doing well. We were told renegotiation of the interest rate was impossible by Fianna Fáil when it was in government. I predicted it could be done and it has been done. We now need to negotiate the structure of the promissory note to Anglo Irish Bank which totals €3 billion a year plus interest of, I understand, 8%. It is very expensive for us as a country.

The troika, in particular the IMF, was conscious that the best way of meeting targets is to have growth and job creation in the economy. Every person who returns to work comes off social welfare and starts to pay income tax, as well as beginning to spend money. It is probably worth between €15,000 and €20,000 to the economy. It is important that we pursue a twin track strategy and deal with the debt and deficit, as well as getting people back to work.

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