Gilmore rejects ‘inevitable’ second bailout claims

The Tánaiste has rejected claims the Government has “conceded” that a second bailout will be needed by arguing that a no vote in the fiscal compact referendum would block future funding.

Eamon Gilmore told the Dáil that the Government was “confident that we will exit the programme and get back into the markets” when the €85bn bailout scheme ends in 2013.

He was responding to remarks from Independent TD Shane Ross, who said the Government’s argument that a no vote would prevent us from accessing Europe’s permanent bailout fund — the ESM — amounted to an admission that a bailout would be needed.

“We are preparing for that bailout and saying nothing about it, just like we are saying nothing about the Anglo promissory note,” Mr Ross said during statements on the recent European Council meeting.

Mr Gilmore rejected the claim.

“The Government absolutely does not concede that there will almost inevitably be a second bailout. We don’t accept that at all.

“The Government’s strategy and objective is that we’re in a programme. There’s a period of time which that programme runs for.

“Our intention is to exit that programme and to get back into the markets. All the indications to date are that we will succeed in doing that.”

The foreign affairs minister also confirmed that his department was involved in discussions on restructuring the €30bn payment for the Anglo Promissory Note.

“A number of departments have been involved in that including my own,” he said.

The process of the negotiations is being overseen by the economic management council of the Government.”