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Merkel backs Ireland bailout exit without overdraft

German Chancellor Angela Merkel has backed the Government’s decision to exit the bailout without an overdraft.

The Chancellor welcomed the announcement by Taoiseach Enda Kenny saying “Ireland is ready for this step”.

“This is an important day for Ireland, and an important moment for the Eurozone. It is now time for Ireland to return to the markets in a sustainable way, strong enough to do so without the need for further credit support.

“Germany is confident that the Irish Government is acting in the best interests of the Irish people and the Irish economy. Ireland is ready for this step,” she said.

Chancellor Merkel also confirmed Ireland and Germany have agreed to cooperate on a plan to improve funding mechanisms for the real economy, including access to finance for small businesses in Ireland.

“The KFW, the German development bank will work with the Irish authorities swiftly, in order to deliver onthis initiative at the earliest possible date,” she said.

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