Irish authorities hopeful of deal regarding Anglo Irish Bank
The Irish authorities have today issued a statement suggesting that an agreement with the European Commission in relation to the future of Anglo Irish Bank should be in place in the short to medium term. The government believes that the coming weeks will see both parties sit around the negotiating table to discuss the future of Anglo Irish Bank which was effectively bailed out by the Irish authorities at the height of the Irish recession.
This announcement comes only hours after S&P, the renowned credit rating agency, reduced the credit rating on Irish sovereign debt which has angered the Irish authorities. One of the main issues in relation to the credit rating downgrade was the cost of the banking bailout which continues to grow. The Irish government was dismayed at the credit rating downgrade and openly questioned the basis for the downgrade suggesting that the European Union and other leading bodies within Europe did not appear to be as concerned as S&P.
Whether a deal with the European Commission in relation to Anglo Irish Bank would relieve some pressure from the Irish authorities remains to be seen, but S&P has been very quiet over the last few days after issuing its initial credit rating downgrade.
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