Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

When a country cannot borrow money, it is a problem not just for the Government but for the banks in that country and for the companies with headquarters in that country, because lenders become unwilling to advance them money. The result is a credit squeeze which can have a hugely damaging impact right across the economy. Restoring the creditworthiness of the State is an essential prerequisite, not just for exiting the programme, but for maintaining a functioning economy. Of course, thanks to the bank guarantee brought in by Fianna Fáil and supported by Sinn Féin, the fate of the banks and the fate of the State were already deeply intertwined. Unwinding the damage done and reconstructing the banking system so it can contribute to recovery has been a central concern of Government-----

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