- Aug 23, 2009
This could be interesting. Not that they would already know, but the reactions of some of the feudalists around the country over this.
Ireland to Begin Bank Talks Tomorrow in Prelude to Possible Aid - Bloomberg.comEuropean Union and International Monetary Fund experts will start scanning the books of Irelands debt-laden banks tomorrow in Dublin in a prelude to a possible aid package to stem Europes widening fiscal crisis.
Finance chiefs from the 16-country euro area said the joint assessment will determine whether Ireland can patch up the banking system on its own or needs to fall back on the EU-IMF 750 billion-euro ($1 trillion) rescue fund.
If banking problems are too big for this small country to manage, Europe has made it clear theyll help, Irish Finance Minister Brian Lenihan told state broadcaster RTE today as meetings of European finance ministers wrapped up in Brussels.
As Europe struggled to present a united front to maintain its fiscal credibility, Britain said it would back support for Ireland, abandoning a hands-off policy toward the euro region to prevent Irish bank woes from spilling over into the U.K. market.
In a blow to Ireland, LCH Clearnet Ltd. raised the margin requirement for Irish bond trading to 30 percent of net positions, making it more expensive to buy Irish securities.