Ireland moves to quash talk of more EU-IMF help
DUBLIN (Reuters) – Ireland’s government moved yesterday to quash speculation it would be forced to seek a second bailout from the European Union and the International Monetary Fund and said it would make a tentative return to international debt markets in the final quarter of next year. Dublin is trying to distance itself from the woes of eurozone struggler Greece, which is trying to avoid a potentially devastating default and seems certain to require a second bailout to plug a looming funding gap. Finance Minister Michael Noonan categorically ruled out Dublin requiring a top-up to its 85-billion-euro rescue package, seeking to limit the fallout from a cabi- net colleague’s warning over the weekend that another bailout may be needed. “There is no question of a bailout package having to be brought in next year,” Noonan told state broadcaster RTE. “We have sufficient money from the IMF and European institutions to carry the country forward in all eventualities and the program runs until the end of 2013. A second bailout doesn’t arise because of that.” Noonan said Dublin would test market sentiment for Irish debt in the final quarter of 2012 after a two-year hiatus. “We won’t be fully back in the markets but we hope that the NTMA [debt management agency] will be able to raise some private funds in the market in the last quarter of next year.” Many economists have come round to the view that some sort of further aid and restructuring of its debt is likely to be inevitable to allow Greece to deal with a debt burden of more than 150 percent of its annual national output. lender, to less than 1 billion euros, and a 6.9 percent decline at Alpha Bank Cyprus Ltd to 3.3 billion euros, the central bank reported. Deposits at Eurobank EFG Cyprus Ltd fell 3.2 percent to 2.4 billion euros and at Piraeus Bank (Cyprus) Ltd 1.3 percent to 1 billion euros. Deposits at Emporiki BankCyprus Ltd fell 14 percent to 315.8 million euros. Deposits at Greek banks on the island last year rose 30 percent as Greek depositors transferred money to Cyprus on concerns Greece would default, restructure its debt or abandon the euro and impose restrictions on capital flows. (Bloomberg) nia’s minority stake in Romtelecom SA, Romanian Communications Minister Valerian Vreme told Bloomberg. OTE decided not to bid on the stake because of the debt crisis Greece is currently going through, Vreme said in an interview in Bucharest.
(Bloomberg) the most important would be to lay out a broad package of economic measures to restore confidence in society and the economy. (AFP)