Video | EU 'welcomes' Irish request for bailout

EU finance ministers and the European Central Bank have welcomed Ireland's request for financial help.

21 November 2010, 12:00am

1 min read

EU finance ministers and the European Central Bank have welcomed Ireland's request for financial help, saying a massive package aimed at cleaning up Ireland's banking sector is 'warranted' to protect Europe's wider economy.

The International Monetary Fund's managing director Dominique Strauss-Kahn said it 'stands ready to join' a financial aid package for Ireland with a multi-year loan.

He said an IMF team already in Ireland would now begin to 'swift discussions' on an economic programme with the Irish authorities, the European Commission, and the ECB.

The ECB said funding from the EU and euro zone, together with the IMF, would be provided under 'strong policy conditionality', on the basis of a programme negotiated with the Irish authorities by the Commission and the IMF, in liaison with the ECB

Aid negotiated with the IMF 'will also include a fund for potential future capital needs of the banking sector,' EU ministers said, highlighting 'deleveraging and restructuring'.

The EU ministers' statement underlined that other non-euro EU nations, over and above Britain and Sweden, which have already offered bilateral assistance, could yet join the effort. Belgian finance minister Didier Reynders said the rescue package would fall somewhere short of €100 billion. A BBC report tonight said Britain would provide around £7 billion.

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Enjoy. This is what the Crap EU as someone else calls it is. http://uk.news.yahoo.com/22/20101120/tts-uk-ireland-unrest-ca02f96.html Unions say cuts may finally drive Irish to the streets http://uk.news.yahoo.com/22/20101120/tts-uk-ireland-ca02f96.html Irish corporate tax in focus as bailout deal nears http://www.bbc.co.uk/news/business-11805529 Irish government backs bail-out http://uk.news.yahoo.com/22/20101121/tts-uk-ireland-ca02f96.html Ireland to seek international bailout http://news.yahoo.com/s/ap/20101121/ap_on_bi_ge/eu_ireland_financial_crisis Ireland going for international bailout http://www.bbc.co.uk/news/business-11807730 Republic of Ireland confirms EU financial rescue deal http://www.bbc.co.uk/news/world-europe-11780753 Portuguese fear Irish bail-out threat could spread http://news.yahoo.com/s/ap/20101122/ap_on_bi_ge/eu_ireland_financial_crisis Ireland swallows bitter pill, asks EU for loan http://english.aljazeera.net/news/europe/2010/11/20101121202222361462.html Ireland confirms EU bailout deal. Eurozone finance ministers back multi-billion dollar request for international help from Dublin. http://www.dw-world.de/dw/article/0,,6253346,00.html EU agrees bailout for Ireland http://uk.news.yahoo.com/5/20101122/twl-irish-bailout-officials-to-mull-loan-3fd0ae9.html Irish Bailout: Officials To Mull Loan Details http://uk.news.yahoo.com/22/20101122/tts-uk-ireland-ca02f96.html Irish seek aid as Europe tries to ensure stability http://uk.news.yahoo.com/22/20101122/tts-uk-eu-ireland-bailout-analysis-ca02f96.html Analysis - Irish EU bailout may not stop Portugal follow-up http://euobserver.com/9/31321 Ireland applies for €90bn bail-out as eurozone trembles http://www.rsgb.org/news/articlelinks.php?id=0104 Notice to Santander Direct Debit Payers (Ex Alliance and Leicester)

Michael Gauci •

The World Banksters take a firmer grip and will soon be in total control. Wake up and smell the coffee.

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I think sir (mr "Freddy") your comments may be tempting to follow but your mathematics are not quite right. The total population of Portugal is 10+Million and Spain 40.5+Million. The IMF and EU have stepped in and that should work. I think that you might have missed a small point. It will not be Spain that will need to be watched but the smaller countries. Malta will be first it is so vulnerable to such actions. On a per person ratio its borrowings may look puny but unless the Government seeks support bang goes your standard of living - even if it is lower than Cyprus! Sorry about the bad news but the speculators look for the lowest common denominator...and wrecking Malta's economy is an easy one.

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It`s only 80,000,000,000 Euros for a population of 4,000,000 please do the maths for your self. The Iberian peninsulars population is about 35,000,000 and they are in as bad if not worse position than Ireland. How long can this last?