Taoiseach insists he got the ‘best available deal’

TAOISEACH Brian Cowen insisted his Government got the “best available deal for Ireland” even though the opposition and some economists have criticised the terms of the bailout.

Asked if the country could afford the bailout at the interest rates involved, he said: “Can Ireland do without this programme? The answer is no.”

Under the bailout, €50 billion of the €85bn fund will be made available to meet Ireland’s borrowing requirements — the money the country needs to plug the gap between public spending and tax revenues. The remaining €35bn is earmarked for the banks.