SEANAD:THE BRUTAL reality was that if we lost the ability to borrow from the international banks, old age pensions would not be paid, nurses would be sent home from hospital wards, teachers would lose their jobs, and, in short, Ireland would be shut down, Paul Bradford (FG) warned.

That was why it was so important that we attempt to reach the borrowing target we had agreed with the EU. “If we do not keep that figure . . . we will have no international economic credibility and we will not be in a position to borrow the money to keep this country ticking over.”

David Norris (Ind) said the predicament in which we found ourselves was the closest thing to a war situation that he had ever seen in this country. A general election must be held as soon as possible, followed by the establishment of a government of national unity, composed of the best talents in all the parties and availing of outside expertise.

Pressing for further debate on the Croke Park deal, Jim Walsh (FF) said in was unconscionable that 40 per cent of public expenditure could be ring-fenced without further consideration of the deal. He was greatly disappointed with senior public service management which had been dragging its feet about getting tangible progress on reform in this area.

Mark Dearey (Greens) highlighted the need to “unlock” the capacity for spending by individuals to instil confidence in the economy.

Eugene Regan (FG) said it was essential that we get the public finances in order. “That means we must look at ‘An Bord Snip Nua’ and the Croke Park agreement.”

Joe O’Reilly (FG) said those on the Government side should take every opportunity publicly to acknowledge the outstanding patriotism that had been displayed by the Opposition leaders in their willingness to get the national finances back on track.