EU chiefs take tough line on debt restructuring for bailout trio

IRELAND, Portugal and Greece have been warned they should resign themselves to a period of painful adjustment and debt restructuring was not an option, by senior EU figures at a major conference in Brussels.

Irish Congress of Trade Unions general secretary, David Begg, said that the current recipe will not work and that without changes Ireland could be forced to default.

The main message from the influential Brussels Economic Forum was that Greece has to make greater efforts before they can receive any more help. The Troika is currently at work in Athens preparing a new package as EU leaders admitted that the agreed measures were not working.