Hayes: Eurozone countries must follow Ireland's lead on banks

Government Minister Brian Hayes has said other European countries need to follow Ireland's lead and sort out their banks.

There are continuing jitters on global markets that the Eurozone debt crisis could spark another recession.

The British Prime Minister David Cameron has called on leaders in the single currency area to act now to avert a global economic disaster, and this morning the credit ratings agency Moody's downgraded several European banks.

Junior Finance Minister Brian Hayes said there is evidence Ireland's recapitalisation of its banks is working and convincing markets.

Mr Hayes said: "We have actually done the heavy lifting, our banks are more capitalised than Swiss banks.

"Had we not taken that decision in March we would be in a much worse position now.

"I hope other countries do the same, but we have got to get through the crisis that is Greece and we have got to make sure that some stability is brought to the euro. That is the only way our economies across the eurozone can grow."