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Europe

Irish lawmakers back multibillion-euro bailout by EU and IMF

Text by News Wires

Latest update : 2010-12-15

Irish members of parliament voted on Wednesday to back a €67.5 billion emergency bailout from the European Union and the International Monetary Fund aimed at preventing Ireland's debt crisis from worsening.

AFP - Irish lawmakers have voted to back the €67.5 billion ($90 billion) international bailout fund for Ireland, an emergency measure designed to keep Europe’s debt crisis from getting worse.

Prime Minister Brian Cowen won Wednesday’s motion on an 81-75 vote. He argued that Ireland had no choice but to take loans from the European Union and the Washington-based International Monetary Fund at interest rates averaging 5.8 percent because borrowing from bond investors would cost much more.

Cowen said it would be “unrealistic and unachievable” to reopen negotiations on last month’s bailout in hopes of winning a loan discount.

Ireland faces a 2010 deficit of 32 percent of gross domestic product, a post-war European record that includes the exceptional cost of bailing out five Dublin banks.
 

Date created : 2010-12-15

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