John Gerard Hanafin (Fianna Fail)

Had there been a different result at the last general election, those who voted against these measures in opposition would not have accepted them in government. I must take this on good faith, otherwise it would be a very cynical exercise. That would have undoubtedly resulted in a collapse in one of our banks and we would be in the same situation as Iceland. Instead of dealing with our problems ourselves we would have the IMF here. The IMF is very straightforward. It would tell us to cut pensions by 20% and public service employment by 30%. If we say we cannot do that, the IMF would say we will not get the money. It would be very straightforward. The IMF would tell us taxes must increase to 58%, and would then leave via the airport saying, "Good luck. No hard feelings." Or, would the Opposition have acted responsibly in Government? That is its question to answer.