Image via Wikipedia Fine Gael and Labour, the two parties expected to form the new Irish government, have both made renegotiation of the deal an election issue.
But Lorenzo Bini Smaghi, an executve board member of the ECB, last night said it was not possible.
He also said Ireland's case was made more difficult because it refuses to raise its corporate tax-rate from 12.5 per cent.
"What looks strange is that Ireland wants to stick to its own tax system but then doesn't want the taxpayer to pay for it when things go wrong...I think it's right that Ireland should choose its own tax system but then it has to have the ability to stand by it when things go wrong, when corporation tax collapses because of a crisis," he told RTE's Primetime which can be seen here.
But Lorenzo Bini Smaghi, an executve board member of the ECB, last night said it was not possible.
He also said Ireland's case was made more difficult because it refuses to raise its corporate tax-rate from 12.5 per cent.
"What looks strange is that Ireland wants to stick to its own tax system but then doesn't want the taxpayer to pay for it when things go wrong...I think it's right that Ireland should choose its own tax system but then it has to have the ability to stand by it when things go wrong, when corporation tax collapses because of a crisis," he told RTE's Primetime which can be seen here.
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