Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Deputy Higgins has moved into a better position now where I can agree with him. It is not that the debt is not sustainable; it is that the debt puts a considerable burden on us and inhibits the growth in the economy.

As I have said previously, it is like trying to drive a car with the handbrake on. That is the effect of the debt. It is a drag factor and our growth rates would be higher if it were not for the servicing charges. Of course, if we had the freedom to use the servicing charges elsewhere, then spending in the economy would be a desirable thing to do.

The Deputy is short on solutions. The solution that comes from the opponents of the Government, generally speaking, is to pile deficit on deficit and debt on debt. That has been tried before and has failed. It will not work. The Deputy's other suggestion, if we cannot do that, is to default. I draw the Deputy's attention to the fact that this week the ESB was able to raise money on the markets, as was Bank of Ireland. Fitch upgraded us from negative to stable and other very positive things have been happening. If we default, I can guarantee the ESB would not get a penny on the market for the next 20 years.

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