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ECB chief says No to Kenny, Gilmore on bailout pledge

EUROPE's bank chief yesterday bared his teeth at election promises from Fine Gael and Labour that they would renegotiate the IMF/EU bailout deal.

ECB president Jean Claude Trichet sternly shot down suggestions a new government would get a better deal. He said it was "absolutely essential" that Ireland sticks to the agreed plan.

Labour's Eamon Gilmore and Fine Gael's Enda Kenny were told in no uncertain terms there would be no changes to the €85bn deal, which has a crippling 5.8pc interest rate.

But Fine Gael and Labour insisted last night the interest rate was not a decision for the ECB as it was a matter for the EU's political leaders.

Mr Trichet's comments came as the prospective coalition partners try to convince voters they can get a better deal on the €85bn bailout agreed with the ECB, the European Commission and the IMF.


Irish Independent