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03/03/2011
Merkel Refuses Irish Bailout Renegotiation
German Chancellor Angela Merkel has virtually ruled out lowering the huge interest rate facing Ireland over the bailout conditions.
Speaking to parliamentary leaders in Berlin on Wednesday, Chancellor Merkel, who was one of the architects of the EU and International Monetary Fund (IMF) bailout for Ireland, said it was "unlikely" she’d agree to cut interest rates on rescue loans to Ireland and Greece.
According to financial newsgroup Bloomberg, the source of the information has come from anonymous officials that attended the closed-door meeting. The officials said that Ms Merkel also planned to levy a number of extra conditions aimed at keeping pressure on each country to curb spending.
Fine Gael Leader and Taoiseach in waiting, Enda Kenny, targeted a cut the rate on emergency loans during his election campaign and is preparing for talks on Friday with Ms Merkel and European allies in Helsinki.
Mr Kenny and Greek Prime Minister George Papandreou both visited Merkel in Berlin last month to canvass support for a cut in the interest rates.
However, speaking on Wednesday night, Ms Merkel stood strong saying: "We can't artificially lower interest rates. They are ultimately an expression of confidence in a country. We can't get to a point where Ireland pays lower interest rates than Portugal."
Mr Kenny is seeking to lower the 5.8% interest rate on aid loans agreed by Fianna Fail during their negotiations with the European Union and the IMF. Mr Kenny also wants to end the protection of senior bank bondholders.
(DW)
Speaking to parliamentary leaders in Berlin on Wednesday, Chancellor Merkel, who was one of the architects of the EU and International Monetary Fund (IMF) bailout for Ireland, said it was "unlikely" she’d agree to cut interest rates on rescue loans to Ireland and Greece.
According to financial newsgroup Bloomberg, the source of the information has come from anonymous officials that attended the closed-door meeting. The officials said that Ms Merkel also planned to levy a number of extra conditions aimed at keeping pressure on each country to curb spending.
Fine Gael Leader and Taoiseach in waiting, Enda Kenny, targeted a cut the rate on emergency loans during his election campaign and is preparing for talks on Friday with Ms Merkel and European allies in Helsinki.
Mr Kenny and Greek Prime Minister George Papandreou both visited Merkel in Berlin last month to canvass support for a cut in the interest rates.
However, speaking on Wednesday night, Ms Merkel stood strong saying: "We can't artificially lower interest rates. They are ultimately an expression of confidence in a country. We can't get to a point where Ireland pays lower interest rates than Portugal."
Mr Kenny is seeking to lower the 5.8% interest rate on aid loans agreed by Fianna Fail during their negotiations with the European Union and the IMF. Mr Kenny also wants to end the protection of senior bank bondholders.
(DW)
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Despite an announcement to the contrary by the German Chancellor on Thursday, Ireland's bailout interest rate is set to decrease. The news comes only a day after Angela Merkel had ruled out lowering the huge interest rate facing Ireland over its international bailout conditions.
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Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
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