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Europe must support growth: Irish PM

Thursday, January 12, 2012 - 02:30

Jan.12 - Speaking at a Thomson Reuters Newsmaker event in London, Ireland's Prime Minister Enda Kenny said Europe must create the conditions to foster economic growth and spur job creation. Matt Cowan reports

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With officials from the European Commission, European Central Bank and International Monetary Fund in Dublin to review Ireland's economic progress, Ireland's Prime Minister Enda Kenny was at the Thomson Reuters building in London to outline his hopes for the road ahead. SOUNDBITE: Enda Kenny, Ireland Prime Minister saying (English): "We want to be the first country to emerge from a bailout program. And to do that we need to stick to our commitments. We need to renegotiate with the troika where appropriate. And we need continued and further support from our European Union colleagues." Asked later whether Ireland might need another bailout, he said no. But he said further action was needed from Europe to spur economic growth and restore confidence. SOUNDBITE: Enda Kenny, Ireland Prime Minister saying (English): "Clearly we are not yet at a point where market confidence in the euro has been restored. We must ensure that more binding, durable and enforceable fiscal rules go hand-in-hand with funding certainty for countries pursuing sound and sustainable economic policies. We need to keep pushing forward towards a comprehensive solution to the challenges of the euro zone. Beyond that, we absolutely must start creating the conditions and environment for a return to economic growth and job creation across the Union." Ireland has acted quickly to cut its budget deficit, but slow growth and sky-high borrowing costs have put its aim of exiting the bailout next year in doubt. Kenny said he hoped the country could make a "tentative return" to bond markets by the end of next year, even if that meant borrowing funds at yields of 6 percent, which many economists view as unsustainable in the long term. The Irish Prime Minister later travelled to Downing Street to meet with Britain's Prime Minister David Cameron. The UK's decision to opt out of Europe's fiscal compact was a blow to Dublin, but the two did find common ground on another matter. SOUNDBITE: Enda Kenny, Ireland Prime Minister saying (English): "That in regard to the single market, that we would work on a series of ideas about putting growth central to the decision Europe takes." But while Ireland's Prime Minister is one of many European politicians who recognize the importance of the economy improving...realizing that in a time of budget austerity and market uncertainty presents a sizeable challenge. Matt Cowan, Reuters

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Europe must support growth: Irish PM

Thursday, January 12, 2012 - 02:30