MINISTER FOR FINANCE Michael Noonan has said he hopes other countries can learn from Ireland’s actions in tackling the banking crisis.
Speaking in Washington DC today at the annual meeting of the Institute of International Finance, Noonan said he was “pleased to report” that the state has made “significant progress” and is ahead of its targets in restructuring and recapitalising the banks.
The minister also said that Ireland’s EU/IMF bailout programme “is progressing well” and that adjustments to public spending have not been easy, but have “on the whole been accepted by the people” because the state must live within its means. “We are fully aware that there are no silver bullets or magic solutions,” he said.
“Ireland is in the process of learning how difficult it is to reestablish financial and fiscal creditability,” Noonan said, adding: “I hope others can learn from our actions.”
Noonan also defended the single currency in his speech, saying that while some commentators have been keen to write off the euro he believes many of its strengths and weaknesses have been overlooked during the crisis.
The Institute of International Finance has been leading negotiations on easing Greece’s debt terms. Today it rejected calls to subject private investors to greater losses on Greek bonds and also rejected the push for a renegotiation of the second Greek bailout agreement made in July.
Germany and other eurozone countries are calling for a renegotiation of the deal amid concerns over Greece’s deteriorating economy and increasing risk of default.
- Additional reporting by the AP
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