itnnews--November 28, 2010--Head of eurozone ministers Jean-Claude Juncker announces that an 85 billion euro bailout package has been announced.
Sunday, November 28, 2010
Saturday, November 27, 2010
50,000 Protesters March against IMF in Dublin
Itn news—Nov. 27, 2010--An estimated 50,000 demonstrators have gathered in Dublin to protest against plans for an IMF bailout of the Irish economy.
Friday, November 26, 2010
Irish Banks Sink on Expectations Banks Heading Toward More State Ownership
"Irish banks Allied Irish Bank (AIB) and Bank of Ireland (IRE) are lower amid expectations that the banks are heading toward greater state ownership, AP reports.
There is deep skepticism that an international bailout loan -- whose details are expected to be unveiled Sunday -- will be enough for Ireland to resolve its debts, the story said.
Speculative media reports in Dublin and Brussels fueled nervousness, with claims that the International Monetary Fund and European Central Bank experts driving the loan talks in Dublin would like to make Ireland's senior bondholders -- chiefly foreign banks -- eat losses in Ireland's debt-crippled banks.
AIB was last down 12.48% and IRE down 8.86%."
There is deep skepticism that an international bailout loan -- whose details are expected to be unveiled Sunday -- will be enough for Ireland to resolve its debts, the story said.
Speculative media reports in Dublin and Brussels fueled nervousness, with claims that the International Monetary Fund and European Central Bank experts driving the loan talks in Dublin would like to make Ireland's senior bondholders -- chiefly foreign banks -- eat losses in Ireland's debt-crippled banks.
AIB was last down 12.48% and IRE down 8.86%."
Thursday, November 25, 2010
Ireland Struggling Economy
World Business: Ireland, once one of Europe's hottest economies is in a sorry state. Laden with debt, but desperate to avoid asking for help from the IMF and EU, the country has to take drastic action. With four companies going bust every day, and unemployment soaring, it will take all the luck of the Irish to get out of this economic mess.Reporter: Diana Muriel
Wednesday, November 24, 2010
Ireland Announces 4-year Plan to Raise $20B
The AP is reporting that Ireland has unveiled the most severe budget cutbacks in its history on Wednesday. The country mired in debt has announced a four-year plan of spending cuts and tax hikes to raise 15 billion euros ($20 billion).
Approximately 24,000 state employees could lose their jobs in the process and the sales tax could rise to 23%. The 2011-2014 plan will shave 10 billion euros ($13.3 billion) from spending and bring in 5 billion euros ($6.7 billion) from extra taxes.
The austerity plan is a prerequisite for Ireland to receive an EU-IMF loan estimated at 85 billion euros ($115 billion). Ireland is hoping its deficit, estimated to reach a record 32% this year, will fall to 3% of GDP by 2014.
Approximately 24,000 state employees could lose their jobs in the process and the sales tax could rise to 23%. The 2011-2014 plan will shave 10 billion euros ($13.3 billion) from spending and bring in 5 billion euros ($6.7 billion) from extra taxes.
The austerity plan is a prerequisite for Ireland to receive an EU-IMF loan estimated at 85 billion euros ($115 billion). Ireland is hoping its deficit, estimated to reach a record 32% this year, will fall to 3% of GDP by 2014.
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