Ireland says eurozone deal a 'quantum leap'

(DUBLIN) - The deal reached at the eurozone leaders' summit is a "quantum leap" towards resolving the debt crisis, Irish Finance Minister Michael Noonan said Thursday.

"It is a comprehensive deal. It deals with all the main issues," Noonan told RTE state radio.

He said the 17-country agreement in Brussels dealt with bank recapitalisation, preventing contagion, new money for Greece, new elements of governance and elements for European economic growth.

"The fact that it is an integrated package, the fact that it is comprehensive and the fact that all the moving parts are being dealt with simultaneously gives me confidence that this is not another installment but this is a quantum leap towards a solution," Noonan said.

"The principal benefit of what was agreed ... in Brussels was that it results in a situation where the euro now looks secure. Europe, instead of declining, will go back to growth again. The threat of a worldwide recession emanating from Europe has been removed."

Ireland's main strategy was for exports to help grow its way out of its economic difficulties.

Last November, Ireland was forced to seek an 85-billion-euro ($119 billion) rescue package from the European Union and the International Monetary Fund to deal with massive debt and deficit problems.

Noonan said Ireland had done a "serial re-negotiation" of its EU-IMF programme but it had no plans to seek changes on its sovereign debt.

"We certainly wouldn't touch sovereign debt. We borrowed it. We have to pay our way in full."

Noonan said, however, that some of the deals on its bank borrowings are very expensive and could be "re-engineered."