EU debt crisis needs "credible" solution: Irish PM

13:05, July 20, 2011      

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Irish Prime Minister Enda Kenny said Tuesday the European Union (EU) has to come up with a "credible, workable and durable solution" to the debt crisis.

The premier made the comment in the Dail, the lower house of Irish parliament, ahead of an emergency EU leaders summit on Thursday.

Kenny said he hoped the forthcoming summit would finally come up with the European solution to this European crisis.

However, he said while the meeting is clearly an important one, neither does he expect any spectacular measure to deal with the situation nor the meeting to deal with the Irish bailout interest rate reduction.

Last week, Ireland's recovery took another knock when Moody's Investor Service downgraded the country's debt rating to junk status. Moody's said it reduced the rating by one notch because there was a growing likelihood that Ireland will need more bailout aid in late 2013 when the current bailout ends.

On Monday, Kenny said he hoped that EU leaders would be able to flesh out issues that Ireland had raised such as a reduction in interest rates, greater flexibility and the maturity dates for the loans.

Conditions now seem favorable for Ireland to renegotiate the interest rate on its 85-billion-euro EU-IMF bailout. In an article in the Dublin-based Sunday Business Post, Olli Rehn, the EU's Commissioner for Economic and Monetary Affairs, wrote that Ireland was "putting its house in order" and "fulfilling all the conditions necessary to bring sustainable growth to its economy."

Rehn said Ireland has provided hard evidence that the EU-IMF program was working, adding that he is "confident Ireland will recover".

Source:Xinhua
 
 
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