Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

-----benefited at some level. However this money cannot be done away with, eradicated or defaulted on. I would like to bring to the attention of those in the Opposition a paper written by Mark Joy on the consequences of default in a world where for the past 30 years no country has come out of default unscathed. If one wants an example one should look at every country which had to reduce not so much its debt but its deficit. We borrow €45 million every day to keep the country afloat. Many people in the Opposition are hearing this for the first time. Some people should be quite knowledgeable about this. I fear if we were to implement what they suggest, they would be found sitting in a puddle of their own making on the far side of the Chamber.

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