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WORLD

EU would support Irish ‘if needed’

11.11.2010 [17:49]
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Baku, November 11 (AZERTAC). The President of the European Commission, Jose Manuel Barroso, has said the EU would support the Irish Republic "if needed", after the yield on government bonds hit record highs.

This reflects growing fear among investors about the Irish government`s ability to cut its debt levels.

Irish Finance Minister Brian Lenihan welcomed Mr. Barroso`s comments.

Earlier this week, the EU`s economy commissioner said he had not discussed possible financial help with the Irish.

Olli Rehn said confidence in the Irish economy would be restored once the country published a four-year plan to cut debts.

However, the yield on government bonds has continued to rise.

On Thursday, Irish 10-year government bond yields jumped to 8.929%, the highest level since the creation of the euro in 1999.

Mr. Barroso said: "In case of need, the EU is ready to support Ireland. We are monitoring the situation closely, but we support the efforts of the Irish authorities [to reduce the budget deficit]."

Mr. Lenihan said the comments highlighted the "solidarity" within the EU.

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