25/03/2011

EU Plan New Bailout Fund

In an agreement struck last night, European Union leaders are to approve a new permanent bailout fund.

A package of economic monitoring and surveillance measures will also been drawn to shore up the single currency.

The draft hopes to strengthen the economic governance and competitiveness of the eurozone and of the European Union.

However there are fears that in the coming weeks Portugal may join Ireland and Greece in seeking a bailout.

The agreement follows the resignation of Prime Minister, Jose Socrates, and the defeat of new parliament measures on Wednesday night.

Regarding changes to the Irish bailout, Taoiseach Enda Kenny said the Government are awaiting the results of banking stress tests, before striking an agreement.

European finance ministers will also decide on changes to Ireland's EU/IMF rescue deal after the results.

At the EU summit in Brussels, despite the current political crisis, Portugal has been urged by the ECB President Jean-Claude Trichet and German Chancellor Angela Merkel to stick to its fiscal targets.

(BMcN/GK)

Related Irish News Stories
Click here for the latest headlines.

16 May 2011
Taoiseach Discusses Queen's Visit To Ireland
The Taoiseach Enda Kenny has spoken to BBC and Sky News in advance of Queen Elizabeth’s arrival in Ireland. The Taoiseach discussed the significance of the Queen’s visit, relations between Ireland and Britain, as well as the EU/IMF bailout deal, and the restructuring of the banks.
03 December 2019
Future Of Ireland To Be Decided In Ireland, Not Westminster - SF
The future of Ireland will be decided on the island of Ireland, not at Westminster, Sinn Féin President Mary Lou McDonald has said.
10 January 2012
Troika Officials Review Bailout Agreement
Troika officials from the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Union (EU) are back in Ireland today to review its bailout agreement. They will examine last month's budget and whether it can deliver the growth and taxes pledged for 2012.
01 August 2012
Ratification Of ESM Treaty Puts Ireland On A Firmer Footing - English
Welcoming the beginning of the process to ratify the European Stability Mechanism Treaty, which starts today (Wednesday), Fine Gael Meath West Deputy, Damien English, said access to Europe's permanent bailout fund gives Ireland enhanced financial security into the future.
29 November 2019
Ireland Reaffirms Commitment To European Space Programmes
The Minister of State for Training, Skills, Innovation, Research and Development, John Halligan, has reaffirmed Ireland's commitment to European space programmes.