Belfast Telegraph

Kenny: Second bailout not needed

Ireland will not require a second bailout to follow the 67.5 billion euro package agreed with the EU and IMF in 2010, the Taoiseach has said.

Speaking during a visit to London, Enda Kenny acknowledged that the Republic faced "very significant economic challenges" but insisted that it was starting to see "positive results" from the austerity programme introduced in the wake of the financial crisis.

Key to the restoration of financial stability will be a "comprehensive solution" to the problems facing the euro, said Mr Kenny.

He was unable to say whether a referendum will be required in Ireland on the inter-governmental pact on new fiscal disciplines for the eurozone, currently being drawn up between 26 EU states after Britain declined to get involved.

A decision on a referendum will be made after advice is received from the Republic's Attorney General on whether the final text of the agreement is consistent with the constitution, he said.

Speaking at Thomson Reuters in London's Canary Wharf ahead of talks with British prime minister David Cameron, Mr Kenny acknowledged that "we are not yet at a point where market confidence in the euro has been restored".

"We must ensure that more binding, durable and enforceable fiscal rules go hand-in-hand with funding certainty for countries pursuing sound and sustainable economic policies," said the Taoiseach.

"We need to keep pushing forward towards a comprehensive solution to the challenges of the eurozone. And beyond that, we absolutely must start creating the conditions and environment for a return to economic growth and job creation across the Union."

Speaking in Downing Street following talks with Mr Cameron, the Taoiseach said the meeting had been "very cordial, very friendly".

He said the pair agreed to meet again to discuss closer economic ties, insisting trade between Britain and Ireland was "absolutely fundamental" to both nations.


From Belfast Telegraph