Absence of emergency credit a ‘risky gamble’

The Coalition decision not to put in place an emergency credit line was deemed a “risky gamble” amid questions over the terms and conditions that might apply to a second bailout.

Opposition TDs also claimed the Government was “bounced” into having to go it alone and exit the bailout programme without any financial back-up plan.

Fianna Fáil questioned the decision, warning that the Government was predicting only 2% growth next year, and that Irish banks were still in a risky position. Furthermore, international developments could overtake any situation at home, the party said, pointing out that the French economy was contracting and German growth was slowing.