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Ireland resists bail-out pressure

Ireland is resisting pressure to accept financial assistance from the European Union despite mounting debt problems in the country’s banking system.

Talks continued over the weekend between Irish ministers and European officials from the International Monetary Fund, Germany, the European Commission and the European Central Bank, according to reports.

While Dublin is insisting it has enough funding to last until June, the EU is putting pressure on ministers to accept a bail-out.

Over the weekend, a number of Irish ministers have rejected reports that the Irish government may approach the European Financial Stability Fund for around £68bn of support.

Irish enterprise minister Batt O’Keeffe told local radio: “We must show clearly that Ireland can stand alone and it is determined to get out of the financial difficulties we are in.”

Concerns about a possible collapse of Ireland’s banking system are already taking a toll on other EU economies, driving up yields on government bonds.

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  1. The medicine is of course bitter, but the Irish Ministers have been deluding themselves throughout this crisis as to how deep it will run. Convention wisdom points now to the niavety of covering the creditors and well as the depositors of the Irish Bank.

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