EU should do more to help Ire­land cope with cri­sis

Kathimerini English - - Business & Finance -

DUBLIN (Reuters) – A more com­pre­hen­sive Euro­pean ap­proach to deal­ing with the re­gion’s debt cri­sis is needed to help Ire­land re­gain ac­cess to debt mar­kets, the In­ter­na­tional Mon­e­tary Fund said yes­ter­day. Europe and the Wash­ing­ton­based IMF are loan­ing Ire­land 67.5 bil­lion eu­ros to prop up its banks and cover its sov­er­eign fund­ing needs af­ter in­ter­na­tional in­vestors shunned Dublin fol­low­ing rev­e­la­tions of huge prop­erty-re­lated loan losses. Slower eco­nomic growth, higher un­em­ploy­ment and deep­en­ing prob­lems in fel­low eu­ro­zone strug­gler Greece have helped keep Ir­ish bor­row­ing costs close to euro-era highs and the In­ter­na­tional Mon­e­tary Fund said Europe needed to ad­dress the risk of fi­nan­cial stress in its pe­riph­ery through a more “com­pre­hen­sive” plan. “For pol­icy mat­ters that are un­der their con­trol, the Ir­ish authorities have been de­ci­sive and are do­ing all they can to get ahead of their prob­lems,” said Ajai Cho­pra, IMF mis­sion chief to Ire­land. “But we do need to rec­og­nize that they may not be suf­fi­cient. This is why we have put em­pha­sis on sup­port from a more com­pre­hen­sive and con­sis­tent Euro­pean plan.”

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