Ireland Does Not Meet Conditions For Bank To Acquire Irish Debt

News: The government of Ireland will have to seek and receive a new round of formal aid from the European Stability Mechanism rescue fund before it plans to buy Irish bonds to stabilise a crisis, according to the European Central Bank (ECB). Leaving a bailout without a credit line signifies that the country did not meet the required conditions for the bank to acquire Irish debt under its bond-buying programme, ECB executive board member Jörg Asmussen said (The Irish Times). Ireland would be reportedly required to apply for a new precautionary programme or EFSF-ESM macroeconomic adjustment programme in order to be considered for the ECB's Outright Monetary Transactions initiative.

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Geography: Ireland

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