Noonan to join EU counterparts in launching ESM
Finance Minister Michael Noonan will meet with his EU counterparts today to launch €500bn rescue fund, the ESM.
The formal launch of the European Stability Mechanism comes just 10 days ahead of a leaders' summit where the issues of Greece's bailout and Spain's fragile economy will be thrashed out.
Already expectations are low that there will be a breakthrough on any of the key issues.
Last week, Germany, the Netherlands and Finland cast doubt over key commitments made at a June summit, which meant the ESM would be able to deal with legacy assets.
The three do not want the fund to be used to help those banks already bailed out - a move that has been described as a heavy blow for Ireland.
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