DOUBTS have been cast over the future of Waterford Crystal, despite optimistic noises by the government to the contrary, following refusal by ministers to underwrite a $60 million loan for its parent company Waterford Wedgwood.Tanaiste Mary Coughlan, speaking in her role as enterprise minister, insisted in the Dail that the government is "firmly of the view that there is and will continue to be a solid future" for a restructured Waterford Wedgwood, despite turning down its request to underwrite the loan.But opposition politicians weren't impressed. Labor Party leader Eamon Gilmore asked, "Is this government really going to let Waterford glass go to the wall?"His party colleague and Waterford TD Brian O'Shea questioned how Coughlan could reconcile the view of a solid future with the fact that the company needs loans of $60 million "to effect the restructuring package when it had no capacity to borrow."Almost 500 jobs -- nearly half the current workforce -- are scheduled to go in a restructure. Industry chiefs say the remaining 550 jobs are at risk if finance is not available for the restructuring.Coughlan insisted that she was not being blas about what was happening at the company."I did give an undertaking that in the advent of further and future investment that all of the agencies that I represent will do all they can to support the company," she said.Concern over the future of Waterford Wedgwood centers not only on the effects of the jobs losses in the area. Waterford Glass has been a major tourism attraction, drawing visitors from all over the world to see the world-famous crystal being made at its original source.But in recent years a downturn in sales of luxury goods has plummeted the company into deep debt and forced the outsourcing of production to low-cost centers in Eastern Europe. The company has debts of almost $750 million - 10 times its stock market value.It also has a large deficit in its pension fund. As a result, banks are unwilling to extend further loans without certainty of repayment, such as a state guarantee would provide.According to local sources, short-time working has been "a frequent occurrence" over the last five years because of the fall-off in sales.Some workers have claimed to have turned down other jobs as they must remain with the company until it can afford to pay pension settlements.