Finance Minister Brian Lenihan has said the Government will get spending under control and that no country has been getting economic forecasting right.
On Morning Ireland, Mr Lenihan said that Ireland must get away from thinking it is uniquely deprived in the world at large.
'The only thing we can do as a country and as a nation is to get our cost base right,' the Minister said.
'We have to look at every sector of our economy and take whatever actions are necessary to safeguard jobs,' he added.
