Tuesday 19 November 2019

It’s too early to say whether Anglo debt deal will soften Budget, says Burton

Michael Brennan Deputy Political Editor

SOCIAL Protection Minister Joan Burton said it was too early to say if a deal on the Anglo bank debt would give taxpayers a break in the next Budget.

The current target is to take another €3bn-plus in tax increases and spending cuts to meet the targets set down in the bailout programme with the Troika Ms Burton said it was too early to say if the negotiations with the European Central Bank (ECB) would have an impact on the next Budget. But she expressed hope that it would allow the economy more time to recover by lengthening the repayment of the Anglo debt to up to 40 years.

"If you get a deal which allows you to make your debt sustainable, inevitably that will give you from a financial point of view, room to breathe, room to grow and my hope and expectation is that this deal is part of us achieving that," she said.

When asked about the likelihood of a deal, Ms Burton said the country could be optimistic that the ECB would recognise what Irish people had done and the need to help the country get back to borrowing on the international markets.

"What we have had in the past is the understanding of the ECB. Hopefully that will be forthcoming again," she said.

Ms Burton was speaking before a meeting of EU Employment and Social Affairs ministers in Dublin Castle. As part of the Irish EU presidency, they are discussing the provision of a youth employment guarantee - which would give a job or training to young people who have been out of work for more than four months.

Online Editors

Also in Business