Brussels, 05/11/2013 (Agence Europe) - Irish Finance Minister Michael Noonan held a discussion with the head of the Eurogroup, Jeroen Dijsselbloem, in The Hague on Tuesday 5 November on the best way for Ireland to exit its three-year aid programme.
The Irish authorities are still assessing the merits of requesting a preventive credit line from the European Stability Mechanism and/or the European Central Bank, which would make it cheaper for Ireland to return to financial autonomy as investors would be more inclined to invest in Irish sovereign bonds if they knew that the country was still being backed by the eurozone if needed. Although each decision will be taken on its own merits, the Irish government's decision will serve as a reference when other countries in receipt of aid, headed by Portugal, begin their own aid-exit strategies.
“We are actively discussing a backstop”, said Ireland's budget minister, Brendan Howlin, telling the Financial Times on Tuesday 5 November: “If you ask most international financiers they would say it is advisable to wear a belt as well as braces”. (MB/transl.fl)