On Monday, markets will likely applaud the 85 billion euro bail-out of the Irish economy from the International Monetary Fund and European Union financing.
Over the weekend, the rescue package was approved at a meeting of European Union finance ministers in Brussels.
The overall financing includes up to 35 billion euro to support the Irish banking system - 10 billion euro of which will likely be needed immediately.
The Irish government applied for the loan last Sunday when it conceded the bank crisis was too big for the country to handle on its own.
IMF managers and directors say the Irish authorities propose "a clear and realistic package of policies to restore Ireland's banking system to health." The program and funding will put its public finances on a sound footing, "and bring Ireland's economy back on track."
Sunday, November 28, 2010
Markets Likely to Applaud Irish Bailout Terms
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Looks like the markets didn't like this plan and the Euro is in big trouble. Do you think there is anything the EU can do at this point to stop the slide?
ReplyDeleteLike I have in the past, I'll take a wait and see attitude. You may recall similar lukewarm initial reactions to other bailout announcements in the past 18 months. As financial managers and bankers begin to take a closer look, the wisdom of the plans emerge... and the results follow.
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