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12/11/2010
Debt Crisis Worsens After 'Irrational' Response
Ireland's debt crisis has taken an unexpected nosedive in response to comments by EU leaders over the State's ability to pay back its debtors.
The cost of Irish 10-year Government bonds soared to a startling 9.26% last night, prompting Taoiseach Brian Cowen to call for calm amongst international traders.
Markets were rattled last night by comments from German Chancellor Angela Merkel after she implied that some of Ireland's national debt would not be covered if the State was given an EU bailout.
However, this morning Brian Cowen has labelled the reaction as "irrational", saying while describing Ms Merkel's comments as "not helpful".
"What has been said there has had, I think, an unforeseen consequence, perhaps. I'm not suggesting that anything was said for the purposes of causing further difficulty," he said.
Ireland's EU partners have rallied in support of Ireland's position issuing statement from France, Germany, Italy, Spain and Britain at the Group of 20 summit ongoing in Seoul.
"Whatever the debate within the euro area about the future permanent crisis resolution mechanism and the potential private sector involvement in that mechanism we are clear that this does not apply to any outstanding debt and any programme under current instruments," the statement said.
Ireland's bond price responded by falling by 0.405% early this morning, but still remains high.
Portugal, Spain and Italy are also in vulnerable situations, as their debt crises arre linked to any troubles in Ireland as investors shun risky euro zone trades.
(DW)
The cost of Irish 10-year Government bonds soared to a startling 9.26% last night, prompting Taoiseach Brian Cowen to call for calm amongst international traders.
Markets were rattled last night by comments from German Chancellor Angela Merkel after she implied that some of Ireland's national debt would not be covered if the State was given an EU bailout.
However, this morning Brian Cowen has labelled the reaction as "irrational", saying while describing Ms Merkel's comments as "not helpful".
"What has been said there has had, I think, an unforeseen consequence, perhaps. I'm not suggesting that anything was said for the purposes of causing further difficulty," he said.
Ireland's EU partners have rallied in support of Ireland's position issuing statement from France, Germany, Italy, Spain and Britain at the Group of 20 summit ongoing in Seoul.
"Whatever the debate within the euro area about the future permanent crisis resolution mechanism and the potential private sector involvement in that mechanism we are clear that this does not apply to any outstanding debt and any programme under current instruments," the statement said.
Ireland's bond price responded by falling by 0.405% early this morning, but still remains high.
Portugal, Spain and Italy are also in vulnerable situations, as their debt crises arre linked to any troubles in Ireland as investors shun risky euro zone trades.
(DW)
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12 September 2011
ESRI Predicts Irish Debt Crisis Is Less Severe
Economists say that Ireland's debt crisis could be less severe than originally estimated and gross debt will peak earlier than expected.
ESRI Predicts Irish Debt Crisis Is Less Severe
Economists say that Ireland's debt crisis could be less severe than originally estimated and gross debt will peak earlier than expected.
16 November 2010
Cowen Insists 'No Bailout Sought'
The Irish Premier, Brian Cowen has again insisted that Ireland is making no application to Europe for a bailout, stressing that Ireland is 'fully funded into the middle of next year'. The Taoiseach made the remark in an interview with RTÉ in the wake of continuing and growing speculation on the issue.
Cowen Insists 'No Bailout Sought'
The Irish Premier, Brian Cowen has again insisted that Ireland is making no application to Europe for a bailout, stressing that Ireland is 'fully funded into the middle of next year'. The Taoiseach made the remark in an interview with RTÉ in the wake of continuing and growing speculation on the issue.
03 September 2009
Consumer Confidence 'Third Lowest' In EU
Confidence in the Irish economy is the third worst in Europe, according to a survey, published today. The Eurobarometer survey revealed that just 6% of people here think the economic situation is 'good'. Only Hungarians at 5% and Latvians with 2% have less confidence, while the EU average is 20%.
Consumer Confidence 'Third Lowest' In EU
Confidence in the Irish economy is the third worst in Europe, according to a survey, published today. The Eurobarometer survey revealed that just 6% of people here think the economic situation is 'good'. Only Hungarians at 5% and Latvians with 2% have less confidence, while the EU average is 20%.
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
