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Taoiseach: Irish bailout terms unfair

Thursday, January 24 14:56:14

The Taoiseach Enda Kenny today told reporters at the Davos gathering that the terms imposed on Ireland for its bailout are unfair.

"Well the mechanism and the tools that are available now, weren't available when Ireland went over the edge," Mr Kenny told CNBC today during the World Economic Forum in Davos, Switzerland.

"And in that sense we feel that the impositions on Ireland have been unfair. And the mechanism that are available now should be applied in Ireland's particular case."

Responding to questions about European tax, the Taoiseach denied Ireland is a haven for "unorthodox tax practices" and said the country's 12.5pc tax rate was transparent.

Mr Kenny said the Irish system was "very clear, very transparent" and would not be changed.

He also urged EU leaders to deliver on bank debt commitments to ensure Ireland emerges successfully from its crisis "hurricane".

He told the World Economic Forum in Davos that such a deal was necessary because euro zone crisis mechanisms and tools available now were not available when the crash hit Ireland.

Progress on promissory note talks and legacy debt would, he said, deliver proof in 2013 that reform measures worked and that "if a government works with its people and understands the patience of people that ... results will flow".

"We were required to borrow E64 billion, a situation that was a crushing burden on our people," said Mr Kenny.