Burton defends remarks about economy

REMARKS MADE by the Tánaiste and the Taoiseach on the economy were strongly defended by Minister for Social Protection Joan Burton.

She was responding to Dublin South Independent TD Shane Ross, who accused Eamon Gilmore and Enda Kenny, who are in the United States, of making “exaggerated claims”. Ms Burton said Ireland had regained a certain level of reputation. “People in Ireland, be they private individuals or public servants, have made enormous sacrifices for this country, many of them deeply unpleasant and difficult for families, individuals and businesses,” she added.

Mr Ross said Mr Gilmore had claimed the fact that a very daring and audacious fund manager had put €2.5 billion into Irish bonds was a positive sign. “He ought to be careful in what he says,” Mr Ross added. “That particular fund is at the bottom of its peer group in terms of performance in the United States.’’

Last week, he added, the Taoiseach had claimed, in the Dáil and elsewhere, that a very small bond swap, from one bond to another, was a great victory for Ireland in the markets. “What actually happened is that the National Treasury Management Agency twisted the arms of various Irish banks and forced them to take this swap,’’ Mr Ross added.

Ms Burton said progress in the markets was made up of small and significant steps and the bond sale was one of them. “The Taoiseach and the Tánaiste are perfectly right to cite that when speaking to an American business audience, as they are also right to tell Irish people here that it is a small but positive step,’’ she added.