Taxpayers 'should not bear brunt' of Irish banks bailouts

17 March 2011

It is unfair that Irish taxpayers should bear the brunt of bailing out the country's banks, it has been claimed.

Enda Kenny, Ireland's prime minister, said these people should not carry the cost alone and called for a European-led rescue loan to carry lower rates, Bloomberg reports.

The politician made the comments while on a visit to Washington in which he pushed for alterations to the rescue package by the European Union and the International Monetary Fund, as there are fears Ireland may find it hard to pay back the loan and struggle to spark economic growth.

He said: "It is grossly unfair to expect the taxpayer to have to pay 100 percent for the reckless lending practices of banks which caused this in the first instance."

Another European country encountering problems at present is Portugal, as Moody's Investors Service recently downgraded the nation's debt rating from A1 to A3 amid concerns over poor economic growth.

By Gary Cooper

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