Ireland Resists EU Bail_out
Published / Last Updated on 15/11/2010
by Ashley Clark, Director
Ireland is thought to only just be resisting moves towards and EU Bailout.
Speculation is mounting that Ireland may need €80bn (£68bn) bail out from the European Financial Stability Fund (EFSF).
Ireland voted last week against such a bailout but EU finance ministers meet today in Brussels to discuss the matter. Many suggest that a bail-out today may remove uncertainty not just from the Irish Economy but Europe in general.
However, there us then a talk of a domino effect with Ireland taking a bailout, speculations may then push confidence on bonds for Spain and Portugal resulting in yet furteht bail-outs.
Irelands economy is in tatters. Property prices have fallen up to 60% in the last two years, Irish Banks are suffering bad debt issues from property developers and currently is budget deficit is a record 32% of GDP (gross domestic product).
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