Creighton: Ireland has bargaining card in EU/IMF negotiations

The Junior Minister for European Affairs has said Ireland holds the bargining card in the negotiations over the interest rate on the EU/IMF bailout package.

The Junior Minister for European Affairs has said Ireland holds the bargaining card in the negotiations over the interest rate on the EU/IMF bailout package.

Lucinda Creighton said it's not in the interest of other European countries for Ireland not to be able to repay this loan.

She said this fact will give Ireland more bargaining power in these negotiations: "The very worst case scenario would be for some sort of sovereign default in Ireland which would have a ripple effect across the EU," Ms Creighton said.

"It would have devastating consequences for the euro, I think that our partners around the EU table know that.

"I think it's in their interests to avoid that and they have to make it (EU/IMF bailout) bearable, they have to make this burden of debt bearable for the Irish people.

"It's not bearable at the moment."