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The deal in quotes

"If I offered Pearse that he'd give me a thousand pounds and I would pay it back to him in 40 years, what do you think he would say?" – Michael Noonan

"Today's outcome is a historic step on the road to economic recovery. It secures the future financial position of the State." – Taoiseach Enda Kenny

"This operation was designed and undertaken by the Irish Government and the Irish Central Bank. I can only say today we took note of this." – ECB president Mario Draghi

"We have wiped Anglo Irish Bank off the map." – Tanaiste Eamon Gilmore

"Major steps taken by Irish authorities on promissory notes should boost confidence and help facilitate a successful outcome." – EU Commissioner for Economic and Monetary Affairs Olli Rehn

"Just another Government attempt to hoodwink the people." – United Left Alliance TD Richard Boyd Barrett

"The deal is better than expected." – IBEC chief Danny McCoy

"A child born today will, in 25 years' time, get a present of a noose. The bankers, the bondholders and speculators are laughing." – Independent TD Mattie McGrath

"Any young person lucky enough to get a job today will be paying this debt for their entire working life." – Sinn Fein president Gerry Adams