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Niall Carson/PA Wire
Bailout

IMF says Ireland's bailout plan on track but calls for "comprehensive" EU plan

The head of the IMF mission to Ireland Ajai Chopra says Europe needs to develop a “comprehensive” solution to the debt crisis affecting the entire bloc.

THE HEAD OF THE IMF’s mission to Ireland has called on Europe to introduce measures to tackle the eurozone’s debt crisis, saying that issues facing Ireland are not just an Irish problem, but a problem for the entire bloc.

Speaking in Dublin today, Ajai Chopra said that “a key element of a comprehensive European solution is a stronger area-wide crisis management framework.” He added that a eurozone rescue fund upgrade to allow more flexible management of the crisis should be the priority, Reuters reports.

Bloomberg reports that in its review of Ireland’s loan agreement, the IMF said today that unless Europe develops a more comprehensive plan to deal with the debt crisis, Ireland’s ability to return to the markets for funding remains “elusive”.

However, RTÉ reports that Chopra rejected any further austerity measures for Ireland than those already included in its bailout programme. He said that while Ireland must meet its own commitments, Europe must provide support.

Earlier this week, the IMF said that Ireland’s “budget is on track for the ambitious 2011 fiscal adjustment targets, and the new government has committed to medium-term fiscal consolidation in line with the programme”. It said the recently-announced government jobs initiative is “consistent with this commitment”, given its fiscally-neutral position while focusing on job creation.

Read: UCD’s Karl Whelan: Ireland faces a SECOND bailout >

Read: Government exploring alternative changes to corporate tax system to satisfy France – report >

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