Kenny: Interest rate decision 'not a climbdown'

The Taoiseach Enda Kenny has insisted yesterday's announcement that Ireland would no longer look for a reduction in its interest rate, as part of this month's EU summit, is not a climb down or a failure.

The Taoiseach Enda Kenny has insisted yesterday's announcement that Ireland would no longer look for a reduction in its interest rate, as part of this month's EU summit, is not a climb down or a failure.

Mr Kenny said the information due at the end of March regarding stress tests is of vital importance in tackling the Irish debt problem and he has decided to engage on the Irish issue with the full knowledge of the situation.

He is due to attend this afternoon's EU summit of 27 leaders shortly, but the Irish bailout has been moved off the agenda.

Speaking in Brussels ahead of the meeting, the Taoiseach said there are many topics up for discussion.

Mr Kenny said: "There is a series of issues to be discussed: the international situation in Libya; the ongoing situation in Japan; the news from Portugal and obviously the general economic situation so far as Europe is concerned.

"Obviously, from an Irish point of view I prefer to deal with substance rather than theory and from that perspective I like to have a much clearer picture of the outcome of the bank stress tests which are going on, so I will report to you later on."

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