Bonds boost as Europe’s big five back Government

A BATTERED Irish economy has enjoyed some respite on the international markets, after Europe’s five biggest economies overcame internal resistance to offer critical support to the Government’s borrowing plans.

However, despite the first positive day of trading this month, Taoiseach Brian Cowen was still forced to quash rumours that the Government had begun talks to access Europe’s emergency stability fund.

Mr Cowen said this was not true and did not arise because the country would not need to borrow more money until well into 2011.