Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

The agreement which was reached in February 2013 in regard to the promissory note debt represents the best possible outcome available for Ireland and has been acknowledged as such by numerous independent commentators. The agreement was the culmination of many months of political and technical negotiations with our partners and provides a significant benefit to Ireland by eliminating the annual promissory note payment, reducing the State's cash borrowing requirement by €20 billion in the next ten years. Any suggestion that we would cease making interest payments on this debt is akin to potential default and carries with it substantial threats to our reputation. The approach the Deputy is recommending would, I believe, undermine the 250,000 jobs directly and indirectly supported by foreign direct investment-----

See this speech in context