Professor of management at
University College Dublin

"I think the economy is in a bad state and it will be for a few years but there are fantastic opportunities out there for busi­nesses. There are businesses that are going to obtain huge success from these circum­stances.

"There was a great quote from (the American businessman) Warren Buffett and it encapsulates it: 'Be fearful when others are greedy and be greedy when others are fearful' and that is my attitude.

"There are huge opportunities for businesses provided they go out and look for them. For example there will be cheaper properties available so there are opportunities there for those who can ride out the storm. It is like Darwin's theory of survival of the fittest.

"I don't think we are facing a doomsday scenario. Recessions last an average of about two years so we are going to come through this bloodied but unbowed. It will be tough but it won't last forever.

"I think that Department of Finance estimates are something that we should be worried about. In my experience they have consistently underestimated bad news and we are seeing that at the moment.

"Their projections around unemployment rates are over-optimistic. There is a reluctance to take bad news on board until it has hit them in the face.

"Politically it is very difficult to deal with the consequences of the inaccurate information that the government is receiving. I feel some sympathy with their position.

"We need Ray MacSharry-type steps where the government says 'No' for the next two years to get us out of this. I would be concerned if we went on a borrowing spree as we need to take tough measures to get out of this in the long run.

"I am a public sector worker so I am secure in my job and I am extremely lucky but I do have incredible sympathy for the father with six children in the dole queue."