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10/05/2010
Deficit-Hit Ireland 'Bails Out' Greece
The European community's rescue bid for the beleaguered Greek economy is to include a massive Irish contribution.
It has emerged that Ireland is to loan Greece €1.3bn as part of the EU's International Monetary Fund €110bn bailout package.
The money will be loaned over a three-year period, with €80bn coming from the EU itself and the rest from the International Monetary Fund.
Even though Ireland has a bigger budget deficit than Greece - the biggest in the EU in fact - the State's lower total debt levels and harsh spending cuts have allowed the country to avoid the massive increases in the cost of borrowing which has now pushed Greece to the brink of defaulting.
But, as the wave of violent - and murderous - protests in Greece show, in order to access the bilateral loans, the Greek Government must cut it's spending and raise taxes.
Dublin Finance Brian Lenihan has now said the decision to help Greece will to the benefit of everyone who uses the Euro and his Government is preparing legislation to allow Ireland to loan the money to Greece and the Minister is set to brief the cabinet on the deal today.
The Greek government must now face up to the opposition from the Greek public which this week led to the deaths of three innocent bank staff, who died in their blazing premises after rioters set fire to it.
(BMcC/GK)
It has emerged that Ireland is to loan Greece €1.3bn as part of the EU's International Monetary Fund €110bn bailout package.
The money will be loaned over a three-year period, with €80bn coming from the EU itself and the rest from the International Monetary Fund.
Even though Ireland has a bigger budget deficit than Greece - the biggest in the EU in fact - the State's lower total debt levels and harsh spending cuts have allowed the country to avoid the massive increases in the cost of borrowing which has now pushed Greece to the brink of defaulting.
But, as the wave of violent - and murderous - protests in Greece show, in order to access the bilateral loans, the Greek Government must cut it's spending and raise taxes.
Dublin Finance Brian Lenihan has now said the decision to help Greece will to the benefit of everyone who uses the Euro and his Government is preparing legislation to allow Ireland to loan the money to Greece and the Minister is set to brief the cabinet on the deal today.
The Greek government must now face up to the opposition from the Greek public which this week led to the deaths of three innocent bank staff, who died in their blazing premises after rioters set fire to it.
(BMcC/GK)
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Northern Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
