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Central Bank Governor Patrick Honohan said today
that it can be difficult for Government ministers to combine openness and
willingness to communicate with the public with trying to ensure statements are
not misinterpreted by the markets.
He made his comments at a press conference on the publication of the Bank's
Annual Report and a performance report.
The governor said that Ireland had to focus on achieving what it could deliver
to borrow from the markets in future.
Transport Minister Leo Varadkar had speculated at the weekend that Ireland may
need a second package of loans next year.
Minister for Finance Michael Noonan ruled out seeking further bail-out funds for
Speaking to a group of Chartered Accountants in Limerick today, Noonan said the
country is currently on target and meeting commitments under the EU-IMF bail-out
Last week, the Taoiseach Enda Kenny has also said
there will be no requirement for a second IMF/ EU bailout for Ireland
Also today, Jobs, Enterprise & Innovation Minister Richard Bruton has said
Ireland will return to the international markets for funding in the second half
of next year.
Minister Noonan said the Government may go back to the money markets 'in a
tentative way' in 2012, depending on our progress under the programme this year.
He said the Government will be advised by the National Management Treasury
agency on this.
Bond yields on two-year Greek debt rose to above 25%.
Irish ten-year bond yields climbed to over 11.00%.
ECB Could Refuse to Accept More Greek Debt: There is very little the European Central Bank can do about re-profiling of Greece�s deficit but it can refuse to accept further Greek government debt as collateral, Kathleen Brooks, research director at Forex.com told CNBC. "If they were to do that that could unleash a whole new wave of this crisis," she added:
Germany: The German government today
announced the phasing out of nuclear power by 2022, in a reversal of its
previous policy. However there is not unanimity on the wisdom of the decision
and one newspaper compared the move to the fall of the Berlin Wall and another
said it will harm future generations.
The decision is a U-turn on policy because of the
public reaction to the radiation leaks and explosions at the Fukushima nuclear
power plant in the aftermath of Japan's March 11th devastating earthquake.
The World Nuclear Association says Germany's
electricity production in 2007 was 637bn kWh gross, about 6300 kWh per capita.
Coal provides about half of the country's electricity. Gas supplied 12%, wind 6%
in 2007. Electricity exports exceed imports by about 15bn kWh, but Germany is
one of the biggest importers of gas, coal and oil worldwide, and has few
domestic resources apart from lignite and renewables.
The country's 17 operating nuclear power reactors, comprising 20.6% of installed
capacity, supply about one quarter of the electricity (141bn kWh net in 2008).
Many of the units are large (they total 20,339 MWe), and the last came into
commercial operation in 1989.
“Germany will be even more dependent on
fossil fuels and imports and its electricity will be more expensive and
polluting,”French Industry Minister Eric
Besson said in a statement. German households pay twice as much for power than
homes in France, where 80% of electricity comes from nuclear plants, he said.