Irish close to deal on EU bailout
Source: Agencies |
November 29, 2010, Monday
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Debt-crippled Ireland completed negotiations for an EU-IMF bailout and a deal was expected to be ratified and published by fellow European governments within hours, Prime Minister Brian Cowen said yesterday.
Cowen said talks which began on November 18 with the International Monetary Fund, the European Commission and European Central Bank experts were concluding in Brussels. He said the Irish Cabinet met late on Saturday to approve the plans.
European Union nations are expected to sign off on a proposed 85 billion euro (US$113 billion) emergency loan for Ireland.
As they entered a hastily arranged meeting, finance ministers stressed hope that the aid package to Ireland would help to remove bailout pressure from fellow eurozone members Portugal and Spain.
They were poring over a series of documents spelling out proposed terms and conditions for loans from across the globe, but chiefly from Ireland's European partners.
With the euro weakening and the yields on Portuguese and Spanish bonds surging in recent weeks, finance ministers also aim to stabilize the wider 16-nation eurozone.
"It's not only about aid for Ireland, but together with Ireland about the stability of the common currency," said Austrian Finance Minister Josef Proell.
Britain's treasury chief, George Osborne, said his country could provide both a bilateral and an EU-organized loan to Ireland, and the EU's 27 financial chiefs wanted to sign off on "the details of the whole package."
"Obviously we've all come here on a Sunday in order to get some stability. It's absolutely in Britain's national interest that we sort out Ireland," Osborne told reporters before entering the Brussels conference.
When asked about the total amount of a proposed bilateral loan and Britain's contribution to a wider bailout fund, Osborne said: "That's precisely what we're going to discuss today, the details of the Irish package."
The European Central Bank forced Ireland into a bailout as it became clear that several state-backed banks in Dublin were struggling to raise funds and were relying on 130 billion euros in short-term loans supplied or approved by the Frankfurt bank.
French Finance Minister Christine Lagarde said she thought the deal for Ireland was almost complete, but discussions remained about the interest rates the Irish would pay.
Cowen said talks which began on November 18 with the International Monetary Fund, the European Commission and European Central Bank experts were concluding in Brussels. He said the Irish Cabinet met late on Saturday to approve the plans.
European Union nations are expected to sign off on a proposed 85 billion euro (US$113 billion) emergency loan for Ireland.
As they entered a hastily arranged meeting, finance ministers stressed hope that the aid package to Ireland would help to remove bailout pressure from fellow eurozone members Portugal and Spain.
They were poring over a series of documents spelling out proposed terms and conditions for loans from across the globe, but chiefly from Ireland's European partners.
With the euro weakening and the yields on Portuguese and Spanish bonds surging in recent weeks, finance ministers also aim to stabilize the wider 16-nation eurozone.
"It's not only about aid for Ireland, but together with Ireland about the stability of the common currency," said Austrian Finance Minister Josef Proell.
Britain's treasury chief, George Osborne, said his country could provide both a bilateral and an EU-organized loan to Ireland, and the EU's 27 financial chiefs wanted to sign off on "the details of the whole package."
"Obviously we've all come here on a Sunday in order to get some stability. It's absolutely in Britain's national interest that we sort out Ireland," Osborne told reporters before entering the Brussels conference.
When asked about the total amount of a proposed bilateral loan and Britain's contribution to a wider bailout fund, Osborne said: "That's precisely what we're going to discuss today, the details of the Irish package."
The European Central Bank forced Ireland into a bailout as it became clear that several state-backed banks in Dublin were struggling to raise funds and were relying on 130 billion euros in short-term loans supplied or approved by the Frankfurt bank.
French Finance Minister Christine Lagarde said she thought the deal for Ireland was almost complete, but discussions remained about the interest rates the Irish would pay.
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