May 9, 2011
Ireland's prime minister heaped pressure on Brussels on Mondayto make concessions over his country's interest bill amid chaotic discussions between European Union finance ministers over the fate of the eurozone bailout funds.
With some kind of deal for Greece appearing all but inevitable, Enda Kenny said there was a question mark over Ireland's ability to meet its debt obligations without a cut in interest on its €85bn (£74.4bn) bailout package.
Kenny's intervention came after a flurry of meetings and phone calls between ministers aimed at striking a compromise deal that would reduce the cost of loans to Greece and Ireland and prevent a disorderly debt restructuring.
Renewed efforts to stitch together a package of concessions have come under heavy fire from international investors as inadequate, with many arguing that the eurozone's creditor nations – including France, Germany and the Netherlands – need to offer better terms to stave off a Greek default on a large proportion of its debts.
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