Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Mozambique: top constitutional lawyer killed in Maputo

Read more

MEDIAWATCH

Online reactions to Netanyahu’s speech to Congress

Read more

DEBATE

Netanyahu on Capitol Hill: Israeli PM calls for deal breaker with Iran (part two)

Read more

DEBATE

Netanyahu on Capitol Hill: Israeli PM calls for deal breaker with Iran

Read more

EYE ON AFRICA

Tangerine Dream. Afropolitan star Yemi Alade drops in

Read more

FOCUS

Denmark: How to stop the radicalisation of young people?

Read more

ENCORE!

'Deep Down Dark': Telling the story of the 33 trapped Chilean miners

Read more

THE INTERVIEW

Hong Kong's umbrella revolution 'is not dead'

Read more

MEDIAWATCH

Media reactions to Boris Nemtsov's murder

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)