EU Bailout On Deck For Ireland |
| Forbes - Nov 22, 2010 |
After fighting it off for as long as it could, Ireland agreed to request financial assistance from the European Union Sunday. A bailout package from the EU and the IMF could total from 80 billion euros to 100 billion euros ($109-$136 billion). After initial optimism, early rallies turned to losses in European bourses Monday as traders pondered the impact of Ireland's uncertain financial future, and the possible risk of contagion.
An emergency meeting of Irish Prime Minister Brian Cowen's cabinet on Sunday announced that the country has agreed to request support from the EU while it embraces a strong austerity program expected to cut about 15 billion euros in spending by 2014.
Yahoo! BuzzFunds for the bailout will be provided by the European Financial Stabilization Mechanism (EFSM) and the European Financial Stability Facility (EFSF), emergency funding facilities activated in the wake of the 110 billion euro Greek bailout six months ago. The IMF will also be providing support.
Read Full Article from Forbes
- Posted: 2010-11-22 12:15:26
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