BRUSSELS (MNI) – European Union finance ministers Tuesday approved
a E85 billion financial assistance deal for Ireland at their meeting
here.
“The Council today adopted a decision providing financial
assistance to Ireland and a recommendation setting out the conditions
attached to the aid,” the Council – which comprises the 27 finance
ministers of the European Union – said in a statement.
“The Council’s recommendation takes up the conditions set in the
programme, namely an overhaul of Ireland’s banking system,
growth-enhancing reforms and the reduction of Ireland’s government
deficit below 3 % of gross domestic product by 2015, extending a
previous 2014 deadline,” the statement said.
The deal – which was agreed last month – includes E10 billion
upfront for the Irish banks and an additional E25 billion contingency
fund to be used if needed, plus E50 billion to finance the Irish
government’s budget. Ireland itself is contributing E17.5 billion of the
package out of its treasury coffers and national pension system.
European Commissioner for Economic and Monetary Affairs, Olli Rehn,
told reporters on Monday that the deal would take Ireland out of the
markets for 2 years.
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
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