Ireland Is A Special Case

French President Francois Hollande has said that Ireland is a special case in its continuing quest to secure a deal on its bank debt. Germany, he claims, recognises this as well and it would be taken into account by finance ministers as they begin negotiations on the role of the EU's permanent bailout fund in extending support to banks.

"I said Ireland was a special case and should be treated as such," Mr Hollande told reporters after meeting with Taoiseach Enda Kenny in Paris.

The Taoiseach has said that what makes Ireland a special case was the fact that it had a European position "imposed upon it" when the banking sector collapsed.

"In regard to Ireland being a special case, our banks have been recapitalised." Kenny said

"Ireland was the first and only country which had a European position imposed upon it, in the sense that there wasn't the opportunity if the Government wished to do it their way by burning bondholders.
The Irish public and Irish taxpayer were required to service the full extent of the debt, which was a situation which we're trying to reduce by the negotiations which are going on."

Ireland recieved  a setback in its hopes of securing a deal on legacy debt. After EU summit in Brussels last week, when German Chancellor Angela Merkel said there would be no retrospective direct recapitalisation of banks by the ESM, only future debt.
However, a German government spokesman later said they would continue to co-operate closely with Ireland. This has helped to ease the pressure on the Irish government.

Whilst speaking at the University of Limerick today, Minister for Finance Michael Noonan said he never shared the degree of panic that swept the country over the weekend, as the statement reflected what they had been privately told, and as he said they knew they had an understanding from 29 June.
He said the Government is trying very hard to renegotiate and the deal on bank debt done by the former government.

Meanwhile not all are as satisfied as those in government with  Fianna Fáil's Finance spokesperson Michael McGrath saying that "only time will tell" what the statement will mean for Ireland.

Mr McGrath said the communiqué sent out a "mixed message" and while it is to be welcomed, it is open to interpretation.

However Gerry Adams of Sinn Fein has said  that what the Taoiseach did what was necessary, but it could not be deemed as progress.
"What is progress is when we get a writedown, when we get our money back." Adams stated on RTE Morning Ireland today.

However this story transpires, the people of Ireland will continue to pressurize the government for a full resolution to the Banking situation in the country.