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THE EUROPEAN UNION’S economics commissioner Olli Rehn has affirmed his desire to help Ireland achieve a deal on restructuring its banking debts – while also suggesting under-fire Spain could be given an extension to meet its own deficit deadlines.
Speaking at a European Parliament meeting in Strasbourg yesterday afternoon, Rehn said he remained hopeful that Ireland could be permitted to rearrange its Anglo Irish Bank promissory notes and other banking liabilities in order to lower the burden on the taxpayer.
Ireland was not at the top of the agenda, however – as Rehn confirmed that Spain’s €100bn banking bailout will not come with terms and conditions for the government itself, while also suggesting the country could be given more time to reach its deficit targets.
“There will be no new conditions on fiscal policy and structural reforms, because this is dealt with under the re-enforced economic governance and there the normal policy conditionality applies,” Rehn said.
The Finn added that the Spanish bailout was intended to be seen as “a very clear signal Euro area is willing and able to tackle the remaining challenges and in this context Europe is standing by Spain and supporting Spain in its challenges in order to restructure the banking sector”.
If the governments of Spain’s autonomous regions were able to cut back on their spending, and Madrid could present a “convincing” two-year budget plan, Rehn said its deficit-to-debt targets could be put back a year from 2013 to 2014.
The commissioner also outlined further plans for fiscal union, saying the most stable long-term solution to the eurozone’s debt crisis would be “stronger responsibility through a pooling of sovereignty at the European level, while at the same time also pooling our burden-sharing”.
He added:
However, deficit countries need to achieve surpluses to in order to bring the external debt in a declining trajectory.This requires further improvements in competitiveness and it need to go hand-in-hand with the private sector deleveraging and the consolidation of public finances.
The cost of borrowing for the Spanish government rocketed yesterday, undoing the gains made after investors welcomed the €100 billion deal to recapitalise Spain’s banking debts.
This morning the cost of a 10-year loan to Spain breached the 6.5 per cent barrier, having yesterday fallen to just over 6 per cent.
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Was that not last weeks news?
Yes it did the rounds last Wednesday
http://www.wired.com/gadgetlab/2011/08/iphone-5-lost-at-bar/
If I was a cynic I would suggest that apple are handing their prototypes over to the offices biggest piss head before a launch in the knowledge that he will loose it at a bar and create controversy. I love the thought that it was the same guy who lost it last year. "How many chances do we have to give you Bob?"
I know where they’ll find it…. in any phonestore…under the name Samsung Galaxy S II.
How could that be?
The Samsung Galaxy SII (apart from all of its different features, such as an antenna that works, face that doesn’t shatter when dropped from 12″, weighs less than 34lbs, has a screen bigger than a stamp) has already been launched, whereas the iPhone 5 is still in production.
Anyway does *anyone* really know what an iPhone actually looks like – any I’ve ever seen have been enclosed in massive rubber/plastic protective cases.
Holy sh**! Apple have now for the same search and sieze powers as customs? Apple Stormtroopers??
One big pr stunt for apple.loose iphone once is a mistake.But twice is a joke.
for a week old story, this is missing allot of the main points. there are questions over whether the apple employees were impersonating police officers, whether the Apple employees were bullying the residents by questioning their legal status in the states, why the police initially denied the event, why the police acted without a report being filed and why have they gone to such an extent to assist Apple, when it is very unlikely the same treatment would be givin if for instance samsaung has lost one of their phones in a pub. also, this is the second time Apple have lost a prototype phone in a pub… neither were stolen, yet Apple treats people who find them as criminals.
In Ireland anyway if you find something and don’t hand it over to the authorities they it is a criminal offense.
Top marks to Apple’s PR company! Get everyone talking about the new product weeks before it’s launched. Simples!
I’m just astonished about the amount of people who can’t spell the word "lose".
Why? Have a look at all the "they’re, there, their" no one seems to have a clue in Ireland which one is which.
Publicity stunt any1 working for apple would not be stupid enough to lose something that valuable in a bar
Two guarantees in life, after death and taxes, every new U2 album will be "leaked" and every new iPhone will be "lost in a bar".
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