Rabbitte: Election promises on debt restructuring not 'prudent'

Labour's Pat Rabbitte has admitted that some statements made by his Government colleagues during the General Election campaign on the issue of debt restructuring may have gone further than was "prudent".

Labour's Pat Rabbitte has today admitted that some statements made by his Government colleagues during the General Election campaign on the issue of debt restructuring may have gone further than was "prudent".

“I think that maybe it’s true that some colleagues in both parties and all parties contesting the election probably went further in the heat of an election than might have been prudent,” said Minister Rabbitte.

“But it doesn’t mean that the Government is not actively and every week perusing objectives in that regard.”

The Minister for Communications, Energy and Natural Resources also said that the terms of the EU/IMF bailout deal are "punitive" and the Government is hopeful that the interest rate can be adjusted at a meeting next week.

His Government colleague, Minister for European Affairs Lucinda Creighton, yesterday said that it is "unlikely" that Ireland will get agreement on a reduction next week.