Wednesday, 24 October 2012

Now the French think were special, but wheres the deal?

French president Hollande: Ireland’s bailout is ‘a special case’

FRENCH PRESIDENT Francois Hollande has further bolstered Ireland’s hopes of being able to recoup some of the costs of its bank bailout from other Eurozone countries – by describing Ireland as “a special case”.
The comments from Hollande came at the end of a bilateral meeting between the French president and Taoiseach Enda Kenny, who visited Hollande at the Elysse Palace today, a day after speaking by phone with German chancellor Angela Merkel.
Speaking to reporters afterwards, Hollande echoed Merkel’s comments in a joint communique last night, saying Ireland was “a special case and should be treated as such”.
Enda Kenny, elaborating on Hollande’s comments, said the ‘special’ aspect of Ireland’s situation was the fact that it had a bailout “imposed” on it as a direct result of the banking collapse, and not necessarily as a result of its fiscal position.
The Taoiseach said the Irish public had been asked to repay the full debts, with the government not being given the opportunity to impose losses on its sovereign bondholders.
Both Merkel and Hollande’s comments about Ireland being a “special” case refer to the deal reached by the three leaders, in conjunction with their 24 counterparts from elsewhere in the EU, at the European Council on June 29.
That deal saw leaders agree to improve the terms of Ireland’s bailout, and simultaneously to “break the link between banking and sovereign debt”.
Ireland has spent €64.1 billion so far on rescuing the country’s banks, of which €34.7 billion has been spent on IBRC, the successor to the defunct Anglo Irish Bank and Irish Nationwide.

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