Wednesday 17 January 2018

Brendan Keenan: Kenny will have to pull new plan out of bag as chaos descends

ECB boss Jean-Claude Trichet with Finance Minister Michael Noonan: Mr Trichet this week told Ireland that it could – and would – repay all its debts
ECB boss Jean-Claude Trichet with Finance Minister Michael Noonan: Mr Trichet this week told Ireland that it could – and would – repay all its debts
Brendan Keenan

Brendan Keenan

ENDA Kenny packed his bags for one EU summit in Brussels, but it looks as though he will be attending a very different one.

As the old political saying has it, events have taken over. The plans of EU leaders have been thrown into disarray by even more bad news from Ireland's banks; the imminent collapse of Portugal's government; and stern resistance to bigger bailouts from those flinty Finns.

Mr Kenny's stated purpose at the meeting -- to secure a reduction in the interest rate on the €80bn EU/IMF rescue fund -- now looks irrelevant. Instead, according to reports in Brussels, there may be a special summit as early as next week just to deal with Ireland's difficulties.

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