The deal brokered by the euro zone nations to save Greece from default has opened a window of opportunity for Ireland in which Dublin may seek relief for its own wounded economy.
Irish leaders are calling for measures that will relieve the Irish economy of crippling interest rates and perhaps even bring in European money to replace taxpayer funds in bank bailouts, Bloomberg reported Thursday.
While Irish Prime Minister Enda Kenny pointed out that Ireland’s situation is very different from that of Greece and that it is in no danger of default on its bonds, he said he is pushing European leaders to find other ways to lessen the load of Ireland’s “crushing” debt burden. He told Parliament on Wednesday, “What is being done for Greece, including the steps that will need to be taken to make its debt sustainable, reflect a uniquely difficult situation. I cannot say it often enough or strongly enough; we will not be going down the same road.”
An unnamed source in the Bloomberg story said that measures to assist Ireland could include new structural funds, longer repayment schedules for bailout money, the replacement of taxpayer funds in bailouts with European funds and lower interest rates. And indeed, pressure is building in that direction.