Minister for Social Protection Joan Burton has repeated her belief that a renegotiation of Ireland’s debt burden would boost support for a Yes vote in the referendum on the fiscal treaty.
The Taoiseach and Tánaiste have both insisted that ongoing talks about easing the terms of the Anglo bailout are separate from the referendum, with Enda Kenny stating that “the Irish people are not going to be bribed by anyone”.
However, Ms Burton said this morning that a re-engineering of the promissory note payments due by Ireland would be helpful “not just in the context of the referendum but also in the context of our recovery”.
The next promissory note payment, for €3.1 billion, is due at the end of this month.
Ms Burton acknowledged that the referendum was one issue and the promissory notes another, but added that it would be extremely helpful for Ireland to get a re-engineering of the debt burden because of the amounts involved.
Asked if she would like to see a new deal before polling in the referendum, she said she wanted a restructuring of Ireland’s debt “as soon as possible”.
Having got a better deal on the interest rate on our loans last year, she was hopeful now our European partners would extend “additional solidarity” to Ireland.
Asked whether she agreed with the condition in the treaty that blocks countries that fail to ratify it from accessing ESM funding, Ms Burton said the existence of ESM funding would be very important for Ireland as a cushion or backstop when we emerge from our bailout.
Its availability to Ireland would send a very strong message to the financial markets that Ireland was part of the euro zone and could avail of the financial support facilities available.
Because Ireland was already participating in a bailout, it was already complying with many of the structures set out in the treaty, she added.
The Minister was speaking at an employment and advice fair organised by her department in Blanchardstown this morning. Over 800 jobs are available at the fair, at which employers such as HP Ireland, Symantec Ireland, Penneys, eBay and PayPal have stands.