The Taoiseach is warning that it may take Ireland half a decade to get the country's finances back on track.

In an interview published in this morning's Irish Times, Brian Cowen, said the scale of the economic problem facing Ireland at the moment is so great that it cannot be tackled in one or two years alone.

He also warned of a drop in living standards for 2009 and admitted he'll need public opinion behind him if he's to take on and overcome the financial crisis.

The Government is due to hold talks with the social partners in the coming weeks in a bid to come up with wide ranging agreement on how the poor health of the public finances should be tackled.