Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)

Is it not the case, however, that all the variables are moving in the opposite direction? That means it is more likely that the Minister will have to make even bigger adjustments, namely cuts, in order to meet the targets when the treaty's provisions come into force. That fact has been confirmed by Professor John McHale, chairman of the Fiscal Advisory Council. Professor McHale wrote that in the event that nominal GDP growth were to end up 1% weaker per annum, over the period 2012 to 2105, than envisaged in the budget 2012, the debt to GDP ratio would not stabilise by 2015 without additional discretionary measures. In other words, matters would be worse. Since those words were written, the growth projections have been significantly downgraded. Growth forecasts are worse, thus making the possibility of having to inflict brutal cuts to meet the fiscal targets more likely rather than less. It is about time the Minister admitted to the Irish public that that is a real possibility arising from the provisions of the treaty.

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