Cowen: Country does not need outside intervention

Cowen: Country does not need outside intervention

Taoiseach Brian Cowen today said the Government is not on the brink of bringing in the European Commission, the IMF or any other outside agency to help run the country.

Mr Cowen's comments come as the cost of borrowing for Ireland reached another high today - hovering around 7% for 10-year bonds.

It is thought renewed speculation by ratings agencies about the cost of Anglo Irish Bank sparked the rise.

The costs dropped back again amid speculation the European Central Bank has embarked on a buy-up of Irish debt.

Mr Cowen said that with the final cost of the Anglo bailout due within days, the markets will soon have a full picture of the Irish debt situation.

"We are trying in every way we can to be transparent and upfront as to what the level of losses would be there (at Anglo) so that people in the international investment community can see that Ireland is doing all it can," Mr Cowen said.


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