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Updated 22:07
Kenny, Barroso and Schulz announcing a new EU budget in Brussels this morning. (Image: Merrion Street)
EARLIER TODAY, THE Taoiseach Enda Kenny, president of the European Commission José Manuel Barroso and European Parliament President Martin Schulz have reached an agreement on a new EU budget for the next seven years.
Speaking in Brussels, Enda Kenny welcomed an agreement after emergency talks on the multi-annual financial framework, and said it was an important day for “youth, the unemployed and the impoverished” across Europe.
José Manuel Barroso added it was a “good deal for Europe and the European economy”.
The lads hugging it out after announcing the new EU budget in Brussels this morning. (Image: Merrion Street)
Martin Schulz admitted the deal on the 2014-2020 budget had not been an “easy compromise”.
However, Kenny said that “the Irish presidency is happy to be part of this agreement that needs to go forward now for ratification” to be formally approved by parliament’s 754 lawmakers. Barroso said he “expects that every council member will support the MFF”.
“What we have to do now is see that these monies are channelled into effective programmes so people across the EU can find jobs,” added Kenny.
Barroso had called high-level breakfast talks in hopes of unlocking the European Union’s next seven-year budget just hours before the bloc’s 27 heads of state and government gather for a two-day summit.
“Today we have agreed on this budget that will make investment in Europe possible,” Barroso said. “This is the growth fund for Europe.”
The top item on the summit agenda is to agree quick spending on jobs and training for the 5.6 million under 25-year-olds currently unemployed across the EU, victims of the years of tough austerity policies enforced to beat Europe’s debt crisis.
- Additional reporting AFP
Last updated 10:36 this morning
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An encouraging, if small, first step out of the shadows
Encouraging, come on get real. We take one small step forward and powers that be in europe punches us right in the face and knocks us 3 steps back against the wall.
can anyone explain to me why it is seen as an overwhelming national objective to return to the bond markets?
Do you want to live with your mom for the rest of your life. Basically
Bit like a hungover alcoholic getting into an early house.
Taking your question at face value…
The idea is that if we can get back to the bond markets, then we don’t have to borrow from the EU or IMF – and we therefore don’t have to follow their terms and conditions for it.
Naturally it would be best if we didn’t have to borrow from ANYWHERE, but in the climate we’re in we have to borrow from SOMEWHERE, and the reason we have to live under the Troika’s thumb is simply because they won’t give us the money unless we agree to follow their rules on how we can spend it.
We need to get back to spending less.
It means a hit to our lifestyles though.
Are people willing to take that?
No, they have gotten too soft.
Recent exuberance of bond markets, which has seen bond yields decline in periphery nations, would appear to be driven by Draghi’s looser monetary policies. The danger here is this inflationary approach could take on a life of it’s own and herald a new phase in the crisis.
http://mobile.bloomberg.com/news/2012-01-22/draghi-makes-euro-favorite-for-most-profitable-carry-trades-with-rate-cuts
Just posted this on another thread but I think its probably as relevant here. For those confused and distracted heres a documentary on whats actually happening : http://youtu.be/hEw7p5W-hM8
So much for the scaremongering by the dame & it’s bitchs . Bond dealers would eat chips out of anybody’s knickers, so to speak, Irrelevant of the wearers past.
i think you’ll find that this comment makes no sense! of all days today is when we prove that we will repay debt?! and the market then opens up to us…… but this somehow proves your point how??
I agree Rob your comment makes no sense at all.
Obama is sending a trillion dollar note to bail out Europe, monty burns will deliver it in the spruce goose.
did you ever see the film million pound note 1950 s explains it all
It’s a sad thing when having to borrow money is seen as good news.
We HAD to borrow before this. The news is that we CAN borrow now. I thought the article made this very clear.
:)
lol, maybe by the time those bitches mature the euro will be worth fu*k all so we will pay them back in 10000 euro notes
Kicking the can down the road. We’ll have the same problems in 2015, only difference is we’ll be deeper in debt.
How can we borrow we are shafted until 2031 we will be sold out yet again
Does that mean the department has lost that 3.6 billion AGAIN they found down the back of the sofa a while ago?
Ireland should start doing the lotto.
Love it Cairo pmpl
No, you’re hilarious Eileen.
This is very good news. Amazing how all the burn everybody crew aren’t in here denouncing the NTMA for making a deal with bondholders.
Ha ha ha …You are hillarious Donal.
So we swapped 1 bond for another , so what ! We were sold out yesterday and every day ,
I still say we should stand tall on our own take or knocks and build ourselves up as an independent
nation and not as one of the islands off the coast of Europe .
We are no way near being solvent.
Enda is just licking up to his puppet masters.
have your say