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Klaus Regling, the head of the European Stability Mechanism (ESM), the Eurozone’s rescue fund, warned that Ireland must fulfill its pledge to cut €3.1bn from its next budget describing it as an “important next step” ahead of the country’s full return to the markets at the end of this year.
In an interview with The Irish Times, Regling said Ireland’s idea of having access to an EU “precautionary credit line” to smooth its market return would “not be well received” if it failed to comply with its budget cut commitment.
New economic conditions mean Ireland could cut less from its October budget and still achieve its target of reducing its deficit to 5.1 per cent of GDP, but the troika of international lenders insist the government fulfill its €3.1bn budget cut promise.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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