The Irish Finance Minister Michael Noonan has come up with a unique way to disentangle Ireland from the Greek financial crisis.
He says he is considering he’s getting T-shirts printed that say “Ireland is not Greece” in an effort to distance Ireland from other debt-burdened nations.
“We won’t give them away, we’ll sell them,” Noonan said at an event in Dublin today. Monetary Fund.
Noonan spoke against a background of worries that investors are not differentiating between Ireland's position and the Greek one.
Bloomberg reported that The yield premium on Irish 10-year debt and German bunds, Europe’s benchmark, widened to a record 894 basis points on Thursday. The premium on Greece’s debt is at 1,398 basis points.
After previously been compared to Iceland, Ireland is now trying to avoid comparisons with Greece which is facing a major financial and political crisis.
“We have a very strong mandate and we have the support on issues from the opposition,” Noonan said on June 16, referring to Ireland’s coalition government. “Greece is entirely different. There seems to be no cross-party support.”
Meanwhile Irish leader Enda Kenny criticized the media for constantly asking why he won't ask French president Sarkozy for relief in the rate of Ireland's debt repayments.
“What do you want me to do? Ring up the Elysee and say, ‘I’m here, I need to speak to you,’” he told reporters.
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