Ireland to get bailout exit backing- Eurogroup head
Published 05/09/2013 | 20:48
IRELAND will get support from the eurozone in a bid for a smooth exit from the €67.5bn bailout programme, the Eurogroup head said today.
Jeroen Dijsselbloem told the European Parliament today that there will be backing for a gradual exit.
"Ireland's performed very well in its programme and will exit the programme, but there will be measures to support its gradual exit," he said.
"I can't give you any details on the way that will be formed yet ... but there will be support to make sure that it is a good exit and not a temporary exit," Mr Dijsselbloem said.
Support for an exit has been widely anticipated
However, it remains unclear what support mechanisms will be used.
There are a number of option available.
For example, the European Central Bank could be used as a ‘backstop’ or buyer of last resort to support Irish bonds.
The European Stability Mechanism, Europe’s permanent bailout fund, could also be used.
Finance Minister Michael Noonan is heading up bailout exit talks with the EU/ECB/IMF troika.