Bailout Renegotiation & A Tense Week Ahead for the Irish Economy
The week ahead is likely to be a tense one in the Irish financial markets. The weight of the banking crisis and a poor reputation weighs heavily round the neck of Ireland’s chances of economic regeneration.
It is reported that Tánaiste and Irish Minister for Foreign Affairs Eamon Gilmore vowed to launch a diplomatic mission to win the IMF and Europe’s support for a renegotiation of the bailout loan terms.
Irish embassies in Europe were told to spread the word that Ireland is making dramatic steps towards rebuilding her banking sector and economy.
“One of the things that has certainly come to my attention since I have been Minister for Foreign Affairs is the degree to which Ireland has lost political support in Europe,” – Eamon Gilmore.
The banking stress tests results and economic plans announced last Thursday were greeted positively by European government.
Irish banking shares also reacted positively with Bank of Ireland shares bouncing back from a pre-stress test slump to just over 22c.
An Editorial comment in today’s Financial Times however states that banking stress tests alone will not solve the Irish economic troubles. Due the nature of uncertainty that lies behind the numbers in a stress test the 24 billion Euros judged necessary may still prove not to be enough.
Is it possible to predict the amount of mortgage repossessions and house price changes?
Article by LoansIreland.ie