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TAOISEACH ENDA KENNY travels to Brussels today for an EU leaders summit, but the prospect of developing a grand plan to tackle the eurozone debt crisis appears in doubt.
European leaders have agreed the broad strokes of the measures necessary to contain the Greek crisis and guard against future uncertainties. These include boosting the power of the European Financial Stability Fund and writing down some Greek debt.
However, tensions remain between national governments on the details after a previous meeting on Sunday – at which it was hoped that the plan could be finalised today. Points of contention include the extent of the debt write-down, and the mechanism by which the EFSF can be strengthened.
Dutch finance minister Jan Kees de Jager said yesterday that the summit may not reach final agreement and had been unduly hyped as decisive, CNBC reports. A meeting of EU finance ministers was called off this morning, apparently to give officials more time.
Italy is seen as a key problem to address. The government of Silvio Berlusconi was publicly dressed down at Sunday’s talks, with German chancellor Angela Merkel calling on Italy to “live up to its responsibilities” by implementing tougher austerity measures.
Berlusconi’s government yesterday said it had reached a deal on controversial reforms, but it is not clear whether these will be accepted by EU leaders. The BBC reports that his coalition partner Umberto Bossi said “In the end we have found a way. Now we will see what the EU say.”
Analysts’s hopes were muted on the potential for a comprehensive deal yesterday. Former IMF official Domenico Lombardi told Bloomberg: “Europe is finally moving in the right direction but there is a sense that the remedies will fall short of the shock and awe response that is required to stabilize market expectations”.
- Additional reporting by Susan Ryan
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Joe McHugh, this is an awesome idea. Awesome! I have no idea who you are or what your policies are, but I commend you on this one!
In next weeks news Fine Gael will be proposing that we adopt the UK’s head of state and use their parliament in order to save costs
Worked well the first time… ;)
Fine gael showing their true blue colours!!!!!!!
On the other hand – should , god forbid, we see a President Mitchell emerge – he has promised to only recognise and cooperate with 22 Counties of Ireland – he will probably have to do a geography lesson to find out where England , Scotland and Wales are too!
@Eddie Barrett, If he [President Mitchell] only willing to co-operate with 22 counties in Ireland, which other 4 in the Republic of Ireland is he leaving out? I think you may indeed be the one needing a geography lesson. Also, remember that this presidential race, is solely as a head of the Republic of Ireland, not the entire island. Northern Ireland is a separate jurisdiction, a constituent country of the United Kingdom.
@ Niall, it was Gay Mitchell himself, not Eddie, that stated there were 22 counties in the Republic of Ireland.
jesus h. why do you think sinn fein support reunification, its not just a lofty ideal, it makes serious economic sense. this FG proposal is a step down that road to unity.
Are you mental. The North is a huge financial blackhole that costs the British tax payer over a billion quid a year just to maintain a segregated state.
As far as I recall, it was our banks that “needed” exorbitant bailouts…
Common sense I reckon.
We are not the only country in Europe to have a boarder and to share services. We should draw on experiences elsewhere to see how best this can work. But let’s not pretend this is a unique situation.
Radiotherapy service being made available cross-border for Donegal soon. Good idea for the border counties, otherwise the rest of the country is covered medically
Wonder what the IFA would say about milk supply?
I think the north costs the uk 8 billion a year – we can’t shoulder that
no but you shoulder my and this nations hard earned cash to the fuckn banks to the tune over 70 billion ..,, .what a fuckn stupped comment saffron the north could teach this chicken state a lesson……Martin mc guinness for pres
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