Madam, - You fairly report some of the remarks I made in a speech to the Association of European Journalists about how our economy is now consuming more than it is producing (January 12th). Unfortunately, the headlines attached bizarrely misrepresent what I said.
My essential point was that, for the first time in 20 years, Ireland is no longer paying its way in the world. In fact the gap in our balance of payments is now running at almost €8 billion a year. Industrial output is down and we have chalked up private debt that now totals almost one and a half times national income. This underlying weakness is being concealed by the positive indicators about which we hear so much - Yours, etc,
PAT RABBITTE TD, Labour Party Leader, Dáil Éireann, Dublin 2
The headline was misleading and is regretted - Ed, IT