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France at odds with Germany over Irish bank 'legacy' debt
Germany and France are heading for a clash over Ireland’s bank debts as divisions deepen over the scope of a plan to use the European Stability Mechanism bailout fund to rescue stricken banks.
With Germany holding fast to the line that the ESM must not take on “legacy” debts in Ireland or any other country, France is pushing hard for a bigger effort to break the link between bank and sovereign debt.
The French position will strengthen the Government’s hand after a week in which Germany aligned with Finland and the Netherlands to say the ESM should bear only losses incurred under the fund’s supervision.
Source and full story: Irish Times, 29 Sept 2012
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