Burton: Taoiseach 'debacle' bad for Ireland's international image

Burton: Taoiseach 'debacle' bad for Ireland's international image

The Labour Party has said the controversy surrounding Brian Cowen's performance this week has contributed to an increase in the cost of borrowing for Ireland on the international money markets.

The cost of borrowing went up again today with Ireland now paying 3% more than Germany for its borrowings.

Some analysts believe the uncertainty over the cost of the Anglo Irish Bank wind-down is contributing to the cost.

But Labour's Finance spokesperson Joan Burton says the controversy over Mr Cowen's interview, and the negative international publicity about Ireland, has also contributed.

Ms Burton said: "The debacle this week of the Taoiseach is particularly bad from an international point of view.

"It focuses a kind of cruel attention on Ireland that suggests that the Irish Government is utterly inept and at sea and investors don't like uncertainty."

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