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Cut in bailout debt rate fair and vital for sustainability, says Barroso
Date 06/04/2011 15:28  Author webmaster  Hits 1025  Language Global
06 APR 2011

By Mary Minihan | Irish Times

European Commission, said yesterday reducing the bailout debt rate for Ireland and Greece was not only fair but would assure sustainability of the debt.

Costs which would be “very, very difficult for our Greek or Irish citizens to pay” could not be imposed. Mr Barroso said all member states must express solidarity but also shoulder responsibility.

He also said while there was opposition to the common consolidated corporation tax base in some quarters, the commission believed it was important for the completion of the single market.

Mr Barroso stressed the importance of adopting a “spirit of solidarity with all other member states”. He said what had emerged from yesterday’s European Parliament session in Strasbourg was pessimism, and he told MEPs their pessimism reflected the dominant feeling in Europe today.

However, he said political courage was necessary.

“The challenge we need to solve is our economic renewal,” he said.

Confidence was necessary, he said, and it depended on Europes capacity to modernise, innovate, become more sustainable and competitive.

The session debated the conclusions of the recent European Council summit meeting.

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