Article

2010-11-16 Europe

Contagion hits Portugal as Ireland dithers on Rescue

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Posted by tipper 2010-11-16 02:05|| || Front Page|| [1 views ] Top

#1 Ireland should just leave the Euro.

Posted by Bright Pebbles 2010-11-16 06:05|| 2010-11-16 06:05|| Front Page Top

#2 Update
Ireland's minister for European affairs has urged EU finance ministers not to panic over the country's economic problems, insisting there is no need to resort to a bail-out.
Dick Roche said that the markets were "not reacting rationally" to Ireland debt difficulties and insisted that the country's stringent austerity measures were working as planned.

He was speaking as Herman Van Rompuy, the EU president, warned that the future of the union would be in doubt if Ireland's troubles were allowed to cripple the euro. "We're in a survival crisis," he said.

Speaking on BBC Radio 4, Mr Roche urged European finance ministers to stand behind Ireland and introduce "logic" to the debate on troubled eurozone economies.

He said: "There's no application for IMF or EU funds and it's not helpful to speculate.

"I would hope that after the meeting this afternoon there would be more logic introduced to this. There's no reason why we should trigger an IMF or EU-type bail-out.

"Ireland will be two thirds of the way to meeting the 3 per cent deficit by 2014."

He added: "There is a problem with liquidity in banks but I don't think the appropriate response to that would be for European finance ministers to panic."

At a speech in Brussels, Mr Van Rompuy said: "We all have to work together in order to survive with the eurozone, because if we don't survive with the eurozone we will not survive with the European Union."

Posted by tipper 2010-11-16 06:53|| 2010-11-16 06:53|| Front Page Top

#3 Austria to withhold payment to Greek bailout
Sow Jones reports that Austria is withholding payment to the Greek bailout package, presumably because Greece missed its deficit target.

This is very bad news for the euro as bailouts aint bailouts if countries unilaterally withhold their contributions of their own accord.

Posted by tipper 2010-11-16 09:16|| 2010-11-16 09:16|| Front Page Top

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