Debt deal key to bailout exit: Gilmore

Tánaiste Eamon Gilmore called into question Ireland’s ability to emerge from the bailout if there was no deal on reducing the country’s massive debt.

Discussions with the ECB on the promissory note were at a critical phase, said Mr Gilmore. His comments came after the ECB rejected some of the Government’s proposals last week.

“The failure to conclude negotiations on the promissory note would have a potentially catastrophic effect”, he said at the EU-Latin America Summit in Chile.