Gilmore: German FM backs Irish interest rate cut
The Tánaiste has won the support of his German counterpart in cutting Ireland's interest rate on the EU portion of our bailout package.
Eamon Gilmore held talks with Guido Westerwelle in Luxembourg today, after which a spokesperson said the German Foreign Minister backed Ireland's call for a reduction in the interest rate payable on the bailout funds.
The Government has sought a 1% reduction in the interest rate, a call blocked by France which is insisting that Ireland raise its 12.5% corporation tax rate.
Meanwhile Europe has announced measures that could make it easier for Ireland to return to the bond markets at the end of next year.
The move to remove "preferred creditor status" from the bailout funds from 2013 means Ireland will not be seen as 'bottom of the pile' in relation to debt.
Jobs and Enterprise Minister Richard Bruton said the development is a very positive one.
"I welcome anything that will make it easier for Ireland to manage its affairs," Minister Bruton said.
"We have so far met all of the targets set for us, and I think it is important that our partners in Europe see that the success of our strategy is what's vital to Europe.
"Anything that assists that is bound to be vital for Ireland."
