Hayes: Ireland on faster recovery path after EU deal
Junior Finance Minister Brian Hayes has said the Irish economy will return to stability more quickly than others because of the deal brokered at a meeting of EU leaders in Brussels this week.
In the early hours of Friday morning, Eurozone leaders agreed the ESM would be able to directly recapitalise European banks instead of having loans added to a country's national debt.
As a result, work is expected to begin on July 9 on how Ireland's bank debt would be removed from the country's overall balance.
Junior Minister Brian Hayes has admitted there are more cuts ahead, but said this deal would allow Ireland to return to growth.
"This gives us the credibility to get back to the markets," he said.
"If we get stability back in the euro...and back in our economies, we will come back quicker than other countries because our economy is basically sound."
