Irish Times. A seismic shift or a tremor? 27.09.2012
A seismic shift or a tremor?
HAVE IRISH hopes of an EU deal to lighten the State’s massive debt load been dashed, or simply delayed? The answer provided on Tuesday in a joint statement by the finance ministers of Germany, the Netherlands and Finland is hardly encouraging. Their statement, coming as it does from Europe’s new paymasters, offers little grounds for great optimism that a deal will either be achieved soon, or match the high expectations set last June.
Then, euro zone leaders agreed to break the link between sovereign and bank debt, and to allow for the recapitalisation of banks through a new bailout fund, the European Stability Mechanism (ESM). Those plans are now cast in some doubt. The three influential finance ministers in interpreting the June 29th decision have sought to make a clear distinction between future and past national financial liabilities. How much has really changed?
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