IMF Board Approves $29.7 Billion Loan for Ireland to Help Stem Debt Crisis

[Joanne98]

Source: Bloomberg

The International Monetary Fund’s board today approved a three-year, 22.5 billion-euro loan facility for Ireland, the Washington-based fund said in a statement.

The IMF aid, which the fund says is equivalent to $30.1 billion, is part of an 85 billion-euro rescue package put together by the IMF and European authorities to contain the region’s fiscal crisis. Today’s action makes 5.8 billion euros available to Ireland immediately.

“The Irish economy faces a crisis without parallel in its recent history,” said IMF Managing Director Dominique Strauss- Kahn in a statement. The Washington-based IMF said a “critically weakened” banking sector is at the root of Ireland’s problems.

Ireland’s parliament approved the bailout by a vote of 81 to 75 yesterday. The parliament also voted to back new banking laws proposed by the government.



Read more: http://www.bloomberg.com/news/2010-12-16/imf-board-approves-29-7-billion-loan-for-ireland-to-help-stem-debt-crisis.html

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The students are already preparing protests. Let's see what they can do.

[arcane1]

1. Ireland thinks it has it bad now...

just wait until they have to sell off their water and schools!!

[xchrom]

2. A shot gun wedding with the IMF.

I wish you well Ireland.

[DCKit]

3. That's gotta be a record in emerging from serfdom, to democracy and back to serfdom. nt

[Roy Rolling]

4. Poster Child for the Conservatives

Wow, if Ireland is an example of how a country does it right when it comes to economics as conservatives say, how big a bailout does a country need for doing it wrong? Oh wait, that is the U.S. under Bush----the price tag is trillion$.

[formercia]

5. Just another Argentina

The IMF knows how to get blood out of a Turnip.