Noonan to meet European finance counterparts amid delay rumours
on 10/09/2012 08:25:13
A summit in June agreed that measures would be finalised by the end of October to ease the €47bn burden.
However, a series of reports in recent days have fuelled speculation that the deadline could be pushed back.
Chief Economist with Goodbody Stockbrokers Dermot O'Leary said there are a number of factors behind the delay, including the format of one detail which was also agreed in June.
Mr O'Leary said: "There is also a very fundamental disagreement between the European Commission and Germany around what a banking union actually means and that has pushed back the deadline for Spain and by extension pushed back the deadline for Ireland.
"Basically what we are seeing now over the past number of days is essentially an exercise in expectations management."