Noonan In Crunch Talks With IMF Over Post-Bailout Credit Facility

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Minister for Finance Michael Noonan will meet International Monetary Fund (IMF) officials in Washington this evening amid uncertainty over whether the Government will seek a precautionary credit line when it leaves the bailout programme in December, the Irish Times reported. With only seven weeks to go before Ireland’s official exit from the EU-IMF bailout, there is still no consensus in the troika or among European leaders about what sort of backstop might be provided to cushion Ireland’s return to the markets. The Government is keen to ensure any conditions attached to a credit facility should go no further than existing EU budgetary commitments. However, European sources doubt that would satisfy the European Stability Mechanism fund or the IMF. Read more.