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German parliament

Germany denies pressing Ireland to accept bailout

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German parliament

The German government has denied reports that it's been pressing Ireland to accept a bailout from the Euro Zone rescue fund. Senior German sources have insisted there has been no formal or informal contact between Berlin and Dublin over the weekend.

"It is not helpful to speculate at what stage we find ourselves," German finance ministry spokesman Martin Kreienbaum told the press in response to recent speculation. “Germany is not playing any special role in this and we can say no more at this stage.”

It's understood that Berlin would rather not risk more instability and confusion every time European Union leaders discuss plans for the permanent rescue fund, and it's believed some in Berlin would rather see Ireland accept a bailout now.

Resistance by The Irish government to accept outside assistance could collapse a permanent euro-zone rescue structure, an unnamed German official told the press.

The restructure, which is scheduled to operate from 2013 would require private investors to accept write-offs on their sovereign bond investments in distressed countries.

In widespread media reports in Germany concerning Ireland’s current situation, estimates of the size of a possible bailout for Ireland veered wildly from 40 to 90 billion euro.

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