Europe's bank chief yesterday warned Fine Gael and Labour -- set to be the next coalition partners -- there will be no renegotiation of the IMF-EU bailout deal.
European Central Bank President Jean Claude Trichet shot down suggestions a new Government would get a better deal on Ireland's bailout, insisting it was "absolutely essential" that Ireland sticks to the agreed plan.
But Fine Gael and Labour both insisted last night that the interest rate was not a decision for the ECB as it's a matter for the EU's political leaders.
Mr Trichet's comments came as the prospective coalition partners try to convince voters they can get a better deal on the €85bn bailout agreed with the ECB, the European Commission (EC) and the International Monetary Fund (IMF).
But the ECB chief has ruled out any changes to the €85bn bailout deal provided to the State, which has a crippling 5.8pc interest rate.
Source and full story: Irish Independent, February 4th 2011
