Irish bailout fixed at 85 billion euros -- Newtron23/11/20106/12/2010Canberra Zimbabwe368

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Date Posted: Monday, November 29, 06:09:07am
Author: Irelands Bail out was formally announced Sunday 28th of November 2010
Subject: Irish bailout fixed at 85 billion euros

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.Mon 29 Nov 2010 6:07 - Australia Markets open in 3 hrs and 52 mins
..Irish bailout fixed at 85 billion euros

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EmailPrint.Topics:International.On Monday 29 November 2010, 5:39

Ireland's bailout was formally announced on Sunday at 85 billion euros ($A115.59 billion), 10 billion ($A13.6 billion) of which is for "immediate recapitalisation" and 25 billion ($A34.0 billion) for contingency support to its banking sector, the head of the Eurogroup said.

Finance ministers from the 16 countries that share the euro currency, plus non-euro Britain, Denmark and Sweden, each of whom are making bilateral loans available to Dublin, "unanimously agreed today to grant financial assistance" to Ireland, Luxembourg Prime Minister Jean-Claude Juncker said.

The program of loans, with 50 billion euros ($A67.99 billion) set aside for covering budget financing needs, "rests on three pillars", he said.

These are an "immediate strengthening" of Ireland's banking system; an "ambitious fiscal adjustment" in order to bring Ireland's 32 per cent of GDP annual deficit this year back within EU norms, of three per cent, "by 2015"; and broader economic reforms, "in particular on the labour market".

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