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Sat 03 Mar 2009Cowen rejects claim of EU bailout plan for Ireland
GERMAN STATEMENT:TAOISEACH BRIAN Cowen has dismissed a German lawmaker’s comments that the EU has agreed a specific fund to bail out euro zone states as “incorrect” and with “no basis”.
Speaking to journalists at the Brussels EU summit, he warned, however, that the Irish economy is in a very difficult position and would not rule out a further deterioration in Ireland’s ballooning budget deficit, already forecast to reach 9.5 per cent of GDP this year, the highest in the EU.
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