Irish

Friday 1 August 2014

EU rescue funds deal a game changer says Eamon Gilmore

Published 29/06/2012|08:54

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Tanaiste Eamon Gilmore. Photo: Collins

A DECISION by euro zone leaders to allow rescue funds to lend directly to recapitalise banks is a "major game changer" for Ireland and will ease its path back to financial markets, Tanaiste Eamon Gilmore said today.

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"When the details are worked out between July and the end of the year, it will have a real impact on our debt level and will greatly improve our ability to get back into the market and not to need a second bailout," Eamonn Gilmore told RTE’s Morning Ireland.



Meanwhile, the Euro STOXX 50 volatility index, Europe's main gauge of anxiety known as the VSTOXX, sank 10 percent to a one-week low of 25.25 on Friday, as investors' appetite for risky assets recovered following a deal at the EU summit.



European Union leaders agreed a plan to allow euro zone rescue funds to be used to stabilise debt markets and directly recapitalise banks, sending the euro zone's blue chip Euro STOXX 50 index up nearly 3 percent while Italian and Spanish government bond yields fell sharply.



The lower the volatility index, based on sell- and buy-options on the Euro STOXX 50 stocks, the higher investors' appetite for risky assets.

Reuters

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