We ‘pave road to recovery’ but Merkel still won’t give an inch

WHATEVER Taoiseach Enda Kenny hoped to get from his visit to German Chancellor Angela Merkel, the overall impression was that he came away empty-handed.

Ireland has an usual collection of requests. Having been forced at the insistence of the US and the European Central Bank (ECB) to continue to pay out to investors of the defunct Anglo Irish Bank, the Government wants to ensure nothing changes this.

The long-term bailout facility, the European Stability Mechanism, (ESM), due to come into force in 2013 but which may be introduced sooner, has a provision for burning bondholders under certain circumstances.