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THE HEAD of the group of Eurozone finance ministers has said that Ireland could be given more favourable terms on its EU-IMF bailout – though only after a deal is first reached on sharing its banking debts.
Eurogroup head Jean-Claude Juncker said Ireland had continued to make good progress under its lending deal, complementing the Irish authorities for the “steadfast implementation” of the bailout conditions and the recent moves to re-enter the markets.
“We will discuss possible improvements of the well-performing programme at one of our next meetings,” Juncker said at a press conference after a meeting of Eurozone finance ministers this morning.
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He added, however, that this could be considered “once our technical discussions are concluded” – meaning any potential improvement would not be seen immediately, and could still be several months away.
The technical discussions are understood to be the talks about implementing the deal reached by ministers in June, when they agreed that the money going towards the bailout of Spain’s banks would be lent directly by the Eurozone bailout fund.
This deal is to be applied retrospectively in Ireland’s case – meaning some of the bailout funds given to Ireland for direct injection into the banking sector would be shaven off Ireland’s national debt.
Meanwhile, some of the money Ireland has put into its banking sector – including the promissory notes given to Anglo Irish Bank – could be recovered through selling those notes, or its shares in the banks, directly to the ESM.
Though a deadline of October had originally been set for this deal, the restructuring of Ireland’s debts is only likely to take case in parallel with Spain’s bailout – which the government in Madrid has been continually seeking to delay.
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Far too many ‘maybe’s’ and ‘possible’ talk here, we’ve heard it all before.
We need representatives with a bit of backbone and genuine concern for Ireland and its people, until we have this we will be continually screwed by the banking and business elites across Europe.
Definitely – we should start making ultimatums (ultimata?) that if we don’t immediately get sorted we’re going to……., well I don’t know what we’re going to do but something pretty damn serious, thats for sure.
as long as the bankers and the god like markets and bondholders are all paid off and happy the ordinary mortal can wait to be helped………..same excuses from these lot!
Agree with the too many maybe’s and if’s…in the meantime we’re being hammered into the finncial stone age. This macks once again of Ireland’s small and insignificant voice at the European table…if this was France or Germany there’d be fk all maybe’s and they’d be climbing their own arses to get t resolved. It demonstrates how utterly ineffective our crowd are in Europe and continue to wait to be served while we suffer on and on..
Trichet is just another puppet carrying out orders. I find it hard to believe,We (Irish) haven’t copped on to this stageshow being played out via controlled media. seriously, We now need to wakes-up.
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