[QODLink]
Europe
Ireland bailout talks continue
Former Celtic Tiger looking at getting billions of dollars of loans to pull itself out of its financial mess.
Last Modified: 19 Nov 2010 10:28 GMT



Ireland is looking at getting billions of dollars of loans to pull itself out of its financial difficulties, according to the country's central bank governor.
 
Experts from the European Commission, European Central Bank and International Monetary Fund continued to explore on Friday the scope and terms of a bailout. The talks in Dublin are expected to run into next week.
 
But Al Jazeera's Alan Fisher reported from the Irish capital, that the government is refusing to commit to any kind of deal.
 
Brian Lenihan, the Irish finance minister, insists that his government needs no money itself because it is fully funded through mid-2011. But Lenihan says he would welcome a prop for the country's troubled banks, effectively an overdraft or credit line.
 
"The banks grew to such a size that they became too unmanageable for the state itself. That's the big difficulty here. And it's clear that we will need some form of external assistance to address the difficulties," Lenihan said at the conclusion of talks at the Irish Central Bank.
 
The prospect of a bailout loan for Ireland offers little reassurance that other corners of Europe could cope with their own crushing levels of government debt.
 
After Greece and likely Ireland, analysts say Portugal may be the next country in the 16-nation euro zone to need assistance. They suggest the crisis is now being driven less by irrational fears than by a growing realisation that debts are too big for vulnerable nations to refinance, never mind payback.

Source:
Al Jazeera
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Israel's Operation Protective Edge is the third major offensive on the Gaza Strip in six years.
Muslims and Arabs in the US say they face discrimination in many areas of life, 13 years after the 9/11 attacks.
At one UN site alone, approximately four children below the age of five are dying each day.
Featured
The new military government has issued warnings that it will soon start to clampdown on immigration offenders.
As Snowden awaits Russian visa renewal, the world mulls role of NSA and expects more revelations from document trove.
A handful of agencies that provide tours to the Democratic People's Republic of Korea say business is growing.
A political power struggle masquerading as religious strife grips Nigeria - with mixed-faith couples paying the price.
The current surge in undocumented child migrants from Central America has galvanized US anti-immigration groups.
join our mailing list