Friday, September 14 07:45:37
Michael Noonan is in Nicosia today to attend an informal meeting of EU Finance Ministers and he will use the opportunity to push Ireland's case for a rescheduling of our bank debt. Speaking on his way into the meeting in Nicosia this morning, Michael Noonan declined to put a timeframe for when agreement could be reached. Cyprus currently holds the Presidency of the European Council.
This informal meeting in Nicosia is designed to allow finance ministers to plot a way forward on some of the more pressing questions facing the euro. After the European Central Bank announced a new bond-buying initiative and the German Constitutional Court gave the green light to the permanent bailout fund, the two main topics for discussion will be Spain's finances and how European banks are going to be supervised.
Finance Minister Michael Noonan said this morning that he would be having a number of bilateral meetings today and tomorrow in which he will be pressing Ireland's case for a reduction of Ireland's banking debt - as well as formally addressing the meeting. Asked to characterise the progress to date, he said the Government was waiting on a report from EU and ECB officials after which the it would be ''actively recruiting political support'' for Ireland's position.