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Ireland denies reports of EU bailout amid rumors of rescue talks
Date: 2010/11/17 Click: 1698
Irish Prime Minister Brian Cowen on Monday evening denied his country is preparing to go to the European Union (EU) for a multi-billion-euro bailout.

In an interview with Ireland's state television RTE, Cowen said Ireland is making no application to Europe for a "bailout." He said Ireland is fully funded into the middle of next year.

The Irish prime minister made the remarks in the wake of continuing speculation on the issue.

Cowen took issue with the use of the word "bailout" itself, a word that he said suggests a country is "trying not to meet its obligations."

"Such pejorative terms are adding to the confusion," he added.

Ireland is working with its European partners on "how best to underpin financial and banking stability within the euro area," he said.

He said financial stability is needed so that the "cost of money overall will start to reduce."

If the current cost of money "became the norm," it would make it "difficult for banks to become the engines of recovery," said Cowen. "Getting the cost of money down helps to effect recovery more quickly."

He said his government is "determined to work our way through these issues," adding that Irish Finance Minister Brian Lenihan will be in Brussels on Tuesday for a meeting of EU finance ministers.

"There will be further discussion there and discussions thereafter," said Cowen.
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