Sunday, November 21, 2010

Ireland Will Pursue Aid From Europe, Minister Says

New York Times
November 21, 2010

Irish finance minister Brian Lenihan confirmed today that Ireland had formally applied to Europe and the International Monetary Fund for a bailout package.

Speaking on Ireland's RTE radio, Mr. Lenihan said the application would be approved at a cabinet meeting this afternoon in Dublin.

He would not give an exact figure but said the amount would be in the tens of billions of euros and that the final figure was still subject to further negotiations.

His announcement ends a feverish bout of speculation here on how the rescue talks have taken on extra pace this weekend as the depth of the Ireland's banking problems became known to the IMF and and European officials. People briefed on the talks say that the fear has grown that without swift and immediate action, a full-fledged banking panic might materialize on Monday.


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