Oct
22
Debt Crisis: Live
Filed Under EN
In this regard they reaffirmed the commitment from June 29th to task the
Eurogroup to examine the situation of the Irish financial sector with a view
to further improving the sustainability of the well performing adjustment
programme.
They recognise in this context, that Ireland is a special case, and that
the Eurogroup will take that into account.
It also comes as Mr Kenny travels to Paris in a bid to get President
Hollande’s support for more favourable terms on the mountain of debt.
Ms Merkel agreed there were “unique circumstances” behind Ireland’s bank and
state debt crisis and said measures to ease the debt burden would be
examined.
The joint statement does not bring a bank deal tangibly closer, but Ireland
will view it as strengthening its position.
08.40 Some 6,000 miles away Japan has posted its worst September
trade figures in more than 30 year.
Official data showed on Monday, that the world’s third-largest economy has
been struggling to turn around its fortunes following the March 2011
earthquake and tsunami disaster, while also suffering from Europe’s debt
crisis, slowing Chinese demand and the strong yen
08.30 Markets are not having a good Monday morning so far.
The FTSE 100 and DAX are down 0.2pc in early trading, and the CAC
is down 0.3pc.
08.20 The FT is reporting that Germany is planning to warn Britain
that it will seek to cancel next month’s European budget summit if David
Cameron, the prime minister, insists that he will veto any deal other
than a total freeze on spending.
Germany’s chancellor Angela Merkel does not believe there is any
point in holding the budget summit to agree on a seven-year framework for EU
spending if Britain intends to veto any deal, say people close to the
negotiations.
08.15 On Sunday, there were two regional elections in Spain.
Spain’s ruling conservative party has held on to control in regional elections
in Galicia, giving a boost to Prime Minister Mariano Rajoy as he pushes on
with tough austerity measures, even as nationalist parties triumphed in the
Basque Country.
The elections in two of Spain’s 17 autonomous regions on Sunday were seen as
the first real test for Mr Rajoy’s Popular Party after ten months in power
that have seen a deeply unpopular programme of public spending cuts and tax
hikes.
08.11 Good morning and welcome back to our live coverage of the
eurozone debt crisis.
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