The Irish government has rejected the possibility of a second rescue package in spite of the persistent Eurozone crisis and the market’s reaction to the European Union bailout of the Spanish banking sector.

The coalition government formed by the conservative Fine Gael party and the Labour Party continues on the ‘right track’ towards meeting the conditions of its existing EUR85bn rescue package, according to statements made by a spokesperson from the Irish finance ministry to news agency EFE.

On the other hand, some observers assert that the looming shadow of a second Irish rescue plan and the continuous Eurozone crisis has provoked a rift between the coalition parties.

MD