Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

The leader of the Senator's party told us the troika can go back whence they came and take their money with them. The logical outcome of that argument is that the troika will take its money and instead of the adjustment we have suffered being €28 billion over five years, it would be an equal amount over 18 months. That would create an economic wasteland. Overnight, Ireland would become a new Argentina but without Eva Perón and the Perónists. As the Senator knows, that will not happen. If the Communist Party of Ireland or even Sinn Féin were in government, they would face the same reality my Government must face. Sinn Féin has to cut budgets in Northern Ireland and it does so quite well.

People need a break and must be given hope. We have had reduced budgets for five or six years or for as long as the Second World War. If, as we hope, all the targets for next year are reached, we will have 95% of the overall target. The Central Bank has indicated GDP growth will be 2% next year. Every 1% in GDP growth delivers approximately €1.6 billion in revenue. A growth rate of 2% next year would, therefore, give us €3.2 billion in additional resources. The adjustment for next year, as set out in the memorandum of understanding, is €2 billion. If we were to achieve 2% growth, next year's budget would not entail an adjustment. That is the prize we must all try to win, irrespective of which party is in government.

The Government and its predecessor have had to grapple with many issues arising from the crash. We are halfway through our term of office and our approach has been proportionate and fair. Ireland was the second country to enter a programme and will be the first to exit a programme. I argued the case for public private partnership investment in Ireland with 250 bankers at a recent meeting in London. They told me they could not invest in countries that are in programmes. As soon as we exit our programme, Ireland will, they said, become a realistic investment prospect. One must only consider Standard & Poor's recent statement on the Irish rating in respect of investment. We are moving away from the negativity surrounding Ireland. If we exit the programme and manage to stay out of it, the big win will not be securing funds to finance our debt but securing investment in the country. We are on the right track and I hope, with the support of my colleagues who have made constructive remarks, that we will be able to give people hope that the country will emerge at the other end to a prosperous future.