Noonan: No bailout deal before end of summer

There will be no deal on lowering the €47bn cost of the Anglo bailout before the end of summer, Finance Minister Michael Noonan has admitted.

Securing a deal would be a “medium-term exercise” and the Government would “be pushing very hard in the autumn,” he said.

Despite no immediate prospect of a deal and the eurozone debt crisis worsening in recent weeks, Mr Noonan said Europe had had “a pretty good month”.