Childers: Rehn open to negotiation on bailout deal

Labour Party MEP Nessa Childers says the EU Economic and Monetary Affairs Commissioner Olli Rehn has confirmed to her that there is room for discussion on certain aspects of the EU/IMF bailout deal.

Ms Childers had tabled a question to the Commissioner - asking him to outline what kind of re-negotiation would be possible once a new government took over.

She says his response confirmed he is open to re-negotiation.

"He basically says, and I quote: 'The programme provides for some re-prioritisation of measures, in particular if circumstances change'," she said.

"I think a new governement is a change of circumstance.

"In my opinion, that could also mean a domestic economy that isn't growing."

Meanwhile Socialist MEP Joe Higgins has said it is "inevitable" that Ireland will default on the massive debts it owes to the EU and the IMF.

Mr Higgins said the bailout deals were rushed through to rescue the likes of German, French and British banks because of what he calls their reckless gambling and speculation in Irish property.

He is warning Ireland will have no alternative but to default.

"They can make slaves of our people entirely, and we still couldn't pay that level of debt.

"Therefore it is inevitable that a default, or a position where the Irish State is unable to pay, will feature some time in the next short number of years."