The European Union approves $115 billion bailout for Ireland

[Demobe Profile]

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Brussels - The European Union approved a financial rescue plan for Ireland Sunday with an estimated price tag costing nearly 85 billion euros ($115 billion U.S.)
In an effort to try and contain Ireland's rising financial woes along with hopes to prevent Portugal and Spain from getting caught in the tide, finance ministers from 16 nations endorsed an emergency loan package Sunday designed to help Ireland cover it's bad bank debts and reduce their out of control deficit.
According to Reuters, The Irish Finance Ministry said "Prime Minister Brian Cowen would make a statement at about 1815 GMT (22:15 p.m. ET)."
Reuters also reports that according to one source in the German coalition, "ministers would also discuss Portugal and its possible need of an EU bailout," although later other EU sources told Reuters, "they would not look at specific countries other then Ireland."
One of the key concessions in the negotiations gives Ireland until 2015 (a year longer) to bring down its budget deficit to the EU limit of 3 percent of GDP (gross domestic product,) rather than the government's estimate of 2.75 percent.
Loans will be monitored quarterly by the EU/IMF and will allow Ireland to borrow at a much cheaper rate than the 9% they are currently charged on the capital market.
The plan earmarks 35 billion euros to help in the restructuring of Ireland's failing banks, with 10 billion of that cash to be used as an immediate injection of capital stimulus along with Ireland contributing 17.5 billion euros of its own money and pension reserves to aid in the bank rescue. The remaining loans will help to cover the enormous hole in public finances created by the banks.
Sunday's move may be in part due to the increasing pressure on the EU for action to try and stem the looming threat to the euro before markets open in Asia Monday.

[Mediasorcerer Profile]

all carefully crafted to make ireland another nation state of the eu,
bet the conditions of this loan hand over sovereignty to the un,right?in some under current or hidden way.

[Mystery747 Profile]

Wow! we are so fucked