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| Europe |
| European debt crisis Ireland told: Take EU bailout or trigger crisis |
| 2010-11-15 |
The Irish government should tell the ECB and the IMF to go forth and recreate themselves. Each Irish taxpaying family is already $50k in hock for the bailout of the banks and now they want them to take on more sovereign debt. Where are the IRA when you need them? An increasingly isolated Irish government was coming under mounting pressure tonight to seek a European or International Monetary Fund bailout within 24 hours amid fears that contagion from its crippled banking sector might spread through the weaker eurozone countries. Portugal, Spain, the European Central Bank and opposition parties all urged Brian Cowen's coalition government to remove the threat of a second crisis in six months by putting a firewall between Ireland and its partners in the 16-nation single currency. With finance ministers from the eurozone due to hold emergency talks tomorrow night, financial markets were expecting Dublin to finalise negotiations with the EU over the terms of a deal to allow Ireland to rescue banks laid low by the collapse of the country's construction boom. "The Irish problem is spreading, but it could get more volatile," said Ashok Shah, chief investment officer at London Capital, a fund management firm. "They have to get this bailout, they have a period of time before it gets impossible, before nasty things happen. The longer they leave it, the more difficult it will get." |
| Posted by:tipper |