Ireland is going to be the winner – Gilmore

The Tánaiste has said Europe needs a winner, and Ireland is going to be that winner.

Eamon Gilmore was speaking to reporters in New York in response to a statement from the finance ministers of Germany, the Netherlands and Finland saying the EU bailout fund could not be used for legacy debt.

A statement from the three countries’ finance ministers said that only future bank debt could be refinanced using cheap loans from the ESM rescue fund.

The statement was at odds with an EU decision in June that gave Ireland hope of significantly reducing the burden placed on us by the overall bank debt.

Despite their comments, Taoiseach Enda Kenny insisted a deal on our €30bn bank debt would go through.

Speaking to Bloomberg, Eamon Gilmore said the statement did not change what was agreed in June. He said Ireland’s efforts to get out of financial difficulty were on track.

“I’m not saying it’s easy and I don’t want to exaggerate what we’re achieving,” he said, “but we are achieving all of the targets that we have set.

“Europe needs a winner, and Ireland is going to be that winner. I think there is an appreciation of that in the other capitals of Europe.”