Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-03-Speech-1-129-000"
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"en.20140203.16.1-129-000"2
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"Madam President, at the end of last year Ireland regained its economic sovereignty and its recovery has started, but that recovery is incredibly fragile and needs to be supported. Our recovery is very much challenged by Ireland’s debt ratio of 120% – 30% of which is Ireland’s legacy bank debt. It is widely agreed that the bail-in tools that are available now were not available to Ireland back in 2010. Indeed, Klaus Regling told me last week in the European Parliament that, had those tools been available to Ireland, things could have been very much different. But, in a sense, Ireland was asked to take the hit for Team Europe, as a result of which banks were bailed out and contagion was closed off – but at a cost to the Irish taxpayer who was bailed in.
In June 2012, it was agreed to break the link between banking and sovereign debt. There is an agreement that Ireland would be looked at as a special case for retrospective recapitalisation from the ESM. It is really important now, at this critical stage, that Europe should honour its commitment and agree to the recapitalisation of the Irish bank from the European Stability Mechanism."@en1
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