Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Madagascar political crisis: top court orders formation of unity government

Read more

MEDIAWATCH

Ireland's abortion referendum

Read more

THE WORLD THIS WEEK

Weinstein in court; Ireland abortion vote; Italy's populist takeover

Read more

YOU ARE HERE

Sugar and spice: The flavours of the French Caribbean

Read more

FRENCH CONNECTIONS

The French are so rude! Or are they?

Read more

REVISITED

Video: After key battle, Syrian town of Kobane looks to the future

Read more

ENCORE!

The writing's on the wall: Revolutionary posters from May 68

Read more

REPORTERS

'We heard there might be a civil war': May 68 seen from abroad

Read more

#THE 51%

U.S. mid-terms: Record number of women running and winning primaries

Read more

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

  • FINANCE

    Fitch slashes Ireland's credit rating, citing cost of salvaging banking sector

    Read more

  • IRELAND

    Govt unveils 'demanding' 2011 budget to tackle crisis

    Read more

COMMENT(S)