Austerity rules to stay, says ECB
THE European Central Bank sees positive signs for stabilisation but President Mario Draghi said that Ireland won't be given a "green light" to relax austerity measures.
Mortgageholders' hopes were dashed yesterday when the ECB decided to hold its benchmark interest rate at 1pc.
President Mario Draghi (right) called for a "rigorous" implementation of the new eurozone fiscal framework. But he dismissed suggestions that Ireland might be allowed to substitute growth for austerity. "There is no green light [to do that]," he said.
"Growth creation must be a primary objective but that doesn't mean there aren't equally important objectives."