Market return down to world economy

Ireland’s return to market funding depends on whether the global economy improves or deteriorates, the European Commission has warned in a pessimistic report on the country’s economic state.

It acknowledged that the bailout programme has been implemented strongly and that there was a successful bond auction in late July, but that would not be enough to determine the future.

Their analysis supports the Government’s push for better borrowing facilities from the ECB and the EU to restructure bank debt, although not as explicit as the IMF in its report last week.