Wow.IMF to contribute 1/3 of the total with Europe contributing the other 2/3 of the cost.
UK will not participate in the Eurozone stability fund - However, they are involved in the European mechanism. EU will lend on behalf of all 27 member states, therefore a contingent liability will arise if Ireland defaults to EU.
However, they will also offer a bilateral loan in "britain's national interest". Ireland accounts for 5% of UK's exports - more than to Brazil, Russia, India and China combined. Only country they share a land boarder with - 40% of NI exports go to ROI. Banking sector also interconnected. Two Irish banks issue sterling notes in NI.
"It has helped us be at the centre of the discussions shaping the conditions" which are currently being discussed.
Someone should write a ballad about the British Bailout of Ireland.I wonder what the Republican Party make of this. The 14th Baron of Ballentaylor, County Tipperary telling the House of Commons that Ireland is a "friend in need" and that they'd be lending us some cash.
Humiliation piled on humiliation.