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Ireland's Finance Minister Michael Noonan Photo by: PA Wire/Press Association Images

Irish Finance Minister insists economy will survive effects of US downgrade

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Ireland's Finance Minister Michael Noonan Photo by: PA Wire/Press Association Images

Ireland’s Finance Minister has urged his European counterparts not to panic as the Euro comes under renewed and real pressure in the wake of the latest U.S. developments.

EU leaders have called an emergency meeting for Sunday to discuss the growing crisis in the Italian economy and the latest news from America.

There are now real fears for the very future of the Euro after the decision by Standard & Poor’s to downgrade the US credit rating by one notch on Friday.

Ireland’s troubled economy is already creaking and many experts have predicted that the US downgrading will heap more pressure on the government.

But Noonan, at home in Limerick during the Irish parliament’s summer recess, is adamant that the latest development can be a "positive" for Ireland.

The Finance Minister told the Sunday Independent: “It is a positive that action is being taken and that EU leaders are focusing on the challenges that must be addressed.

“It has been of note that as the crisis has developed, there have been positive developments for Ireland, namely the successful private sector investment in Bank of Ireland, the reducing spreads in our Government bonds, and Standard and Poor’s recent assessment.”

The Irish government won’t return to the bond markets until 2013 after the EU-IMF bail-out and Noonan is adamant that his government is on top of the situation.

He added: “I and my officials are carefully monitoring the situation in the financial markets. We are in constant contact with our EU partners and the EU authorities regarding the emerging situation.

“The Government will ensure that any measures will be to the benefit of Ireland as an EU member.”
 

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