Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Colombia peace deal will be ‘lasting’, FARC rebel leader tells FRANCE 24

Read more

EYE ON AFRICA

Ghanaian President Mahama concedes defeat to opposition leader Afuko-Addo

Read more

MEDIAWATCH

Trump's TV Career Continues

Read more

THE WORLD THIS WEEK

President Park Impeached, Ghana's High Stakes Election (part 1)

Read more

THE WORLD THIS WEEK

Aleppo Offensive, Renzi Resigns, Trump's Cards (part 2)

Read more

ENCORE!

South Korea: An inside look at the K-pop wave

Read more

#THE 51%

Diving back in: Offering support for French mothers returning to work

Read more

REPORTERS

Chaotic post-hurricane relief efforts in Haiti

Read more

PEOPLE & PROFIT

Cash crunch casualties: India's wedding industry suffers from currency changes

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)