Schäuble says Ireland won't need second bailout

Written By Unknown on Senin, 29 Oktober 2012 | 22.40

German Finance Minister Wolfgang Schäuble has said he is 100% confident that Ireland will not require a second bailout.

Mr Schäuble also said he is very impressed with Ireland's progress on fighting the debt crisis.

The German Finance Minister made his comments after meeting Finance Minister Michael Noonan and Public Expenditure and Reform Minister Brendan Howlin.

He said that Irish success on fighting the crisis is important not just to Ireland but to the eurozone as a whole.

He said that when Germany has to explain to groups such as the IMF about what is going on in Europe, they point to the successes the Irish economy has achieved since its bailout.

He said that Irish success on fighting the crisis is important not just to Ireland but to the euro zone as a whole.

When asked about the Anglo Irish Bank promissory note, Mr Schauble said he did not think it would be a good idea to comment on the issue, adding that it was a matter for the Irish Government and the ECB.

The three ministers held private talks for about 40 minutes, before they were joined by officials from the Irish and German finance ministries.

The meeting started later than planned because of the late arrival of the German delegation due to fog at Casement Airbase in Baldonnel, which delayed their landing.

The meeting was held in Farmleigh because the Dublin City Marathon start and finish is on Merrion Square, which is close to the Department of Finance.

Roads around the area are closed to traffic due to the marathon.

Speaking at today's press conference, Finance Minister Michael Noonan said the three ministers had a successful meeting on European matters and matters of concern to Ireland.

He said that everything was ''in the context of Ireland taking over the EU presidency in January''.

Mr Noonan said Mr Schäuble has been ''helpful and supportive'' in Ireland processing the bailout programme and helping to get back to the markets at reasonable interest rates.

The Minister for Public Expenditure and Reform, Brendan Howlin, described the meeting as ''useful''.

He expressed gratitude for the help and guidance the Government has received from Federal finance ministry.

''I think we have a very good understanding of each other's positions. We have put jobs and growth at the centre of our priorities, and are dovetailing with the objectives Mr Schaulble has,'' the Minister added.

German Finance Minister Wolfgang Schäuble told the conference that it is ''very important that we all work together on the crisis''.

He said that markets are still lacking in confidence ''because Europe is a bit too complex''.

''Our way of making decisions and communicating them is always a bit difficult for people abroad, so it's important we go step-by-step to improve this,'' he said.

On the bank debt deal, Mr Schaulbe said that the German officials 'study Irish papers carefully''.

He said there had been some misunderstanding, and the joint statement of the Taoiseach and Chancellor made it clear there has been a misunderstanding.

He said the eurozone continues to work to deliver the preconditions of a European banking solution.

But quoting ECB President Mario Draghi, he said this will not be possible before 2014, and there are always problems.

''We know the specific situation of Ireland. It is a specific case, but we agree we have to avoid making any announcement that could imply that the programme for Ireland is not working because it is working and working well,'' the German finance minister stated.


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