Portuguese bailout gives Ireland opportunity, says Gilmore

An Tánaiste Eamon Gilmore has told the Dáil that the Portuguese bailout application will give Ireland the opportunity to raise the cost of our own bailout.

Finance Minister Michael Noonan is attending a meeting of EU finance ministers in Hungary today, during which he had hoped to raise the cost of the Irish bailout loans.

However, the meeting is expected to be overshadowed by the application from the caretaker government in Portugal for financial assistance from the EU.

Mr Gilmore said the application would have a bearing on Ireland's loan deal.

"The situation in Portugal, as of now, is of significant relevance to our situation," Mr Gilmore said.

"It underlines the extent to which the problem has a European dimension and again underlines the necessity for the approach which is being taken by the Government, which is an ongoing process of discussion and negotiation."