Tag Archives: Debt

Meanwhile, UK MEP Sharon Bowles (above)  has said that Ireland has got a ‘raw deal’ in its bailout, compared to the agreement struck in Europe last night on the Greek debt crisis.
European Parliament’s Economic and Monetary Affairs Committee chair said “morally” something had to be done for Ireland.
Speaking on RTÉ’s Morning Ireland, she said the most obvious way was to do a deal on the promissory note, the means by which Anglo Irish Bank was funded.
…UCD Professor of Economics Karl Whelan, said the deal for Greece was in “stark contrast” to the “pretty unseemly haste” with which Ireland is being forced to repay the promissory note for Anglo Irish Bank.
Professor Whelan said Greece is becoming a model of how the EU is becoming more flexible in how it deals with debt of unsustainable levels.

 

Eurozone, IMF Reach Deal To Reduce Greek Debt (RTE)

Enda Kenny with Mario Monti, Italy’s prime minister, center, and Jean-Claude Juncker, Luxembourg’s prime minister, during the European Leaders summit in Brussels.

According to a statement issued at 4am, eurozone leaders pledged to “examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme.”

Following intensive negotiations, first at official level and then at heads of government level, it was agreed that the EU’s permanent bailout mechanism could be used to directly recapitalise eurozone banks.

This had been a key demand of the Spanish and other governments, including Ireland, in the run up to this week’s crisis summit. Speaking as he left the European Council building, Mr Kenny described the new deal as a seismic shift in EU policy, and said it would allow Ireland to re-engineer its overall debt level, which would reduce the burden on Irish taxpayers.

Ireland Secures A Deal in Principle To Alleviate The Country’s Debt Burden (RTE)

EU Leaders Ease Debt-Crisis Rules on Spain in Merkel Retreat (Bloomberg)

(Jock Fistick/Bloomberg)

Mark Malone writes:

Here a sneak preview shot of Debt Justice Action network getting ready for the day ahead.We kick off with a public meeting/press conference at 11.15am, Central Hotel, Exchequer St, Dublin, then we have a few actions through the day at Department of Finance, Anglo buildings and of course we will be joining a multitude of groups descending upon the FG Ard Fheis [at the Convention Centre, Dublin] later at 5.30pm