Ireland: making tough choices

Kenny says ECB deal could cut borrowing by €20 billion - The Irish Times - Thu, Feb 07, 2013: "A debt deal to cut the cost of Ireland’s toxic bank rescue could slash €1 billion from tax hikes and spending cuts in upcoming budgets, the Government has claimed.

Taoiseach Enda Kenny said the agreement was not a silver bullet but declared that it would reduce state borrowing by €20 billion over the next decade.

“Step-by-step, this Government is undoing the disastrous banking policies that brought this state to the brink of national bankruptcy,” the Taoiseach said.

“The agreement has reduced Ireland’s vulnerability from the huge debts taken on by Irish taxpayers as a result of the cost of rescuing failed private banks.”

The Government did not ask for a write-down on the Anglo debt during negotiations with the European Central Bank (ECB).

“We always said that we were not looking for any write downs. Anybody who knows the European situation knows that the ECB does not do write downs,” Minister for Finance Michael Noonan said."

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