EU and IMF in Irish Debt Talks

EU and IMF in Irish Debt Talks

Representatives from the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Union (EU) will take part in debt crisis talks with the Irish government.  

Many believe some sort of bail-out will be needed to prop up the Republic's heavily indebted banks, but the Irish government has stressed it does not need to borrow money for public spending until into next year, even though it has a budget deficit and will shortly announce another severe round of spending cuts and possible tax rises to plug the gap.

The Republic has suffered the deepest recession of any country in the developed world, including collapsing property prices and a deeply-indebted banking sector.

There have been reports that the UK is considering offering billions of pounds of direct loans to the Irish Republic and according to Chancellor George Osborne he has said that the UK was ready to support Ireland.  Ireland is our closest neighbour and it's in Britain's national interest that the Irish economy is successful and we have a stable banking system.

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