Cabinet fears US turmoil may halt recovery

FINANCE Minister Michael Noonan has admitted the Cabinet is “very concerned” the ongoing economic turmoil in the US could prevent an Irish and worldwide recovery, after a 24-hour market bloodbath that saw billions of euro wiped off shares.

Speaking as market indexes across the globe failed to react positively to moves to halt the dual crises in the US and the eurozone, Mr Noonan said it was “too soon” to know how Ireland will be affected.

However, he conceded the Government is worried about the possibility of a double-dip recession in the US, and its resulting impact abroad, including a possible decrease in Irish exports.