Tánaiste Eamonn Gilmore has defended the Government's position that Ireland will not be seeking to default on any of its eurozone debts.

Mr Gilmore said Ireland does not want to be in an austerity programme for the next 10 years and that the country will hopefully return to the markets within the next two years.

He said that objective would be be difficult to achieve if Ireland did not repay its debts.

Mr Gilmore said: "We don't want to be in a situation that we are in recession for the next 10 or 15 years.

"If we go down the Greek route, that is the consequence of that. What we want to do is get out of recession, get economic growth back into our country, get back into the markets, pay our way and recover our economic sovereignty."

Finance Minister Michael Noonan has also rejected Mr Adams' suggestions.

He said Greece will remain in a bailout programme for the next 10 years, while Ireland could be out in two, with the economy growing again.

Mr Noonan said: "Could you imagine the situation in Ireland if we went to the electorate and said you have another 16 years of this and you have declining growth rates and severe austerity measures.

"To say that Greece has done very well, that is like saying if the man down the road has gone bust and you say 'that's great I'll go bust as well, so that I won't have to pay my bills', that's a wrong take."