ABC Money
Home

Ireland in €90bn bailout


Published :
Tue, 23 Nov 2010 09:49
By : financemarkets.co.uk
Print this Story


AddThis Social Bookmark Button


Ireland in €90bn bailout

Ireland’s Prime Minister, Brian Cowen, announced last night that his Government has made a formal request for an emergency bailout.


In the euro zone’s second emergency rescue this year, Ireland will receive between €80 and €90 billion but the country’s finance minister, Brian Lenihan, said a precise figure has not been determined.


The loan will come from the EU rescue fund, which was established by European Governments and the International Monetary Fund (IMF) after the Greek debt crisis earlier this year.


Greece was the recipient of €110 billion bailout in May.


In the meantime, the UK will help with the bailout after UK Chancellor George Osborne said “it’s in our national interests” that we help Ireland and Mr Osborne confirmed that Britain would have to foot a bill of around £7 billion.


The bailout comes despite Ireland’s Government denying claims that it would accept emergency funding, insisting it was fully funded until at least the middle of next year.


However, emergency conference calls over the weekend involving G7 partners in the US, Japan and Canada clinched the deal.


Following the news of the bailout, Asian stock markets rose today, while the euro was up against the dollar.


Since the credit crunch three years ago, Ireland’s public finances have been battered by having to prop up the banking sector, a collapse in its property market and one of the worst recessions in the euro zone.


The former “Celtic Tiger” economy is also battling a deficit of more than £16 billion and the Irish Government is introducing tough austerity measures – something which many fellow euro zone nations have implemented.


It is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014.


However, like many other nations, the savings are likely to cause protests and trade unions have already warned of “civil unrest”.


There are also plans to cut the minimum wage by one euro to €7.65 (£6.55).






Share on



Comment on this Article
Comment:
Title:
Name:
Please Enter
 
Here
  

 Search News

 Look For
Business
Credit cards
Finance
Loans
Money
Mortgages

 
 Stock Quotes *
SYMBOL
LAST
CHANGE
DOW JONES
10340.69
-107.24 ( -1.03 %)
NASDAQ
2792.28
22.57 ( 0.81 %)
FTSE 100
5741.15
38.78 ( 0.68 %)

SYMBOL ( 2012-01-19 )
LAST
CHANGE
STANDARD CHARTERED ( 11:35am )
1559.00
70.00 ( 4.76 %)
WOLSELEY PLC ( 11:35am )
2250.00
70.00 ( 3.20 %)
CARNIVAL ( 11:35am )
2017.00
46.00 ( 2.42 %)
LAND SECURITIES GROUP ( 11:35am )
679.50
36.50 ( 5.63 %)
WHITBREAD ( 11:35am )
1662.99
33.99 ( 2.09 %)

SYMBOL ( 2012-01-19 )
LAST
CHANGE
3M COMPANY ( 12:34pm )
85.78
0.71 ( 0.83 %)
BOEING CO ( 12:34pm )
75.70
0.64 ( 0.85 %)
JP MORGAN CHASE CO ( 12:34pm )
37.03
0.49 ( 1.33 %)
WAL MART STORES ( 12:34pm )
60.44
0.43 ( 0.72 %)
IBM ( 12:34pm )
181.50
0.43 ( 0.24 %)

SYMBOL ( 2012-01-19 )
LAST
CHANGE
F5 NETWORKS INC ( 12:11pm )
122.38
13.92 ( 11.80 %)
ICO GLOBAL COMM CL A ( 8:01pm )
99999999.99
9.37 ( 366.02 %)
PRICELINECOM INC ( 12:23pm )
525.40
6.57 ( 1.26 %)
AMAZONCOM INC ( 12:04pm )
195.65
6.21 ( 3.25 %)
MILLICOM INTERNATIONAL CELLULAR SA ( 4:00pm )
110.18
4.82 ( 4.43 %)

Gainers & Losers
Dow Jones
Euro Stoxx 50
FTSE 100
FTSE 250
FTSE AIM
FTSE ALL
Nasdaq

 Portfolio Manager

You must log in to access this area of the site. If you are not a registered user click here to sign up for instant access!


 Finance Explained

Money making ideas

Save money

Money management
Savings accounts
Investing money
Share dealing
Stock broker
Forex currency trading
Pension plans
Functions of Money

(c) 2007 viploan.co.uk, All Rights Reserved
*viploan.co.uk does not guarantee the accuracy of any share prices or stock quotations displayed. These are not real time quotes; all are delayed by at least twenty minutes and are for information purposes only.