‘No hope’ of deal on €64bn bailout

-Merkel adviser insists collapse was of Ireland’s own making

One of German chancellor Angela Merkel’s top advisers said there is “no chance” of the Government getting a deal on the €64bn bank bailout because the collapse was of Ireland’s own making, adding: “It was your property bubble.”

“The European Stability Mechanism can only be used in the future. It cannot be used for legacy debt. I don’t see a chance for Ireland on this,” said German MP and economic policy spokesperson for the ruling CDU party Joachim Pfeiffer.