(Reuters) - Ireland's main opposition party warned on Friday that it could unilaterally restructure bank debt if it wins power this month, unless the burden on the country from an EU/IMF bailout is eased.
utlining the party's banking strategy, finance spokesman Michael Noonan said there was an opportunity for Ireland to negotiate a fairer deal as part of European efforts to bolster its defenses against a year-long debt crisis.
"If the burden of the debt on Ireland is not reduced ... then the position in Ireland going forward gets very sticky, and we are simply pointing that out in a totally unthreatening way to our European colleagues," Noonan, a likely future finance minister, told reporters.
Noonan said any change to the bailout would have to be agreed with European Union partners.
.....
Credit rating agency Moody's said this week it would downgrade Irish senior bank debt if a new Irish government pursued a hard-line approach with bondholders.Noonan also wants European support to recapitalise the country's banks and is looking for Europe to potentially take equity or long-term debt investments in its two main lenders, Allied Irish Banks and Bank of Ireland.
No comments:
Post a Comment