Olli Rehn: Irish Bail-Out Ensures Eurozone Stability

Business » FINANCE | November 22, 2010, Monday // 08:02
Bulgaria: Olli Rehn: Irish Bail-Out Ensures Eurozone Stability Olli Rehn, the European Monetary Affairs Commissioner. Photo by EPA/BGNES

EU Finance Commissioner Olli Rehn has welcomed the news about the agreed assistance for Ireland, saying this would help preserve the stability of the eurozone - the group of 16 nations using the euro as their common currency.

Speaking in Brussels, Olli Rehn said that experts from the European Commission, the European Central Bank and the IMF would prepare a three-year package of loans by the end of the month.

European and IMF officials agreed on Sunday to help bail out Ireland with loans to tackle its banking and budget crisis, stabilize financial markets and prevent loss of confidence in other euro zone members, notably Portugal and Spain.

Irish Finance Minister Brian Lenihan said the amount would be less than EUR 100 B. According to reports the bailout package is expected to total EUR 80 to 90 B. The UK and Sweden have also offered direct loans.

Irish PM Brian Cowen said that the government would be publishing a four-year budget plan that would restructure the banking industry and banks will be made smaller.

The global financial crisis has dealt the Irish Republic a hard blow. The government has responded with deep spending cuts and costly bail-outs of the banking sector.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: property bubble, banks, Brian Cowen, irish, European, European Union, Eurozone, Republic of Ireland, finance minister, Brian Lenihan, debt crisis, corporate tax rate, Irish government, Patrick Honohan, International Monetary Fund, ECB, EU-IMF troika team, ireland, Dublin, IMF, European Central Bank, European Commission, Simeon Djankov, Eurozone finance ministers, bailout, Bulgaria, Cyprus, Republic, UK, Sweden, PM, Celtic Tiger, Global Financial Crisis, EU Finance Commissioner, Olli Rehn
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria