North West MEP Pat the Cope Gallagher while speaking in the European Parliament, Strasbourg yesterday evening (02 July) welcomed the outcome of the European Council meeting held in Brussels last week. However, Mr. Gallagher warned that Ireland must receive equal treatment in the context of negotiations to restructure Ireland’s bank debt.
Mr. Gallagher stated “I strongly welcome the outcome of the European Council meeting held in Brussels last week. The agreement by EU Leaders to use the ESM in principle to directly recapitalise Eurozone banks is a welcome and overdue development.”
“This is a major step forward for Ireland and may potentially result in the restructuring of debt, which should result in a reduction in the burden on the Irish taxpayer.”
“I understand that EU Finance Ministers will now enter negotiations on the issue of Irish bank debt. Any outcome of negotiations must ensure that Ireland receives equal treatment vis-á-vis Spain and other larger Eurozone states.”
“The outcome of the Summit also justifies the decision of the Irish people to ratify the Fiscal Stability Treaty by referendum, which guarantees access to the ESM. The ESM is an important safety net for Ireland and the Eurozone and the decision of EU leaders to break the link between bank debt and the sovereign debt must result in tangible benefits to Ireland.”