Irish Coalition 'To Win Bailout Vote'

The Dublin Coalition Government is expected to win today's crucial vote on the bank bailout from the EU and International Monetary Fund despite opposition from Fine Gael.

Last night, Fine Gael claimed the bailout was a bad deal that needed to be renegotiated, while the Finance Spokesman Michael Noonan said very serious issues were raised by what he said was a complex measure.

Among other elements of the deal causing concern is the interest rate on the EU loan, which Ireland's debt management agency (NMTA) said would average at 5.82%. The figure equates to almost €5 billion in interest alone for Ireland's taxpayers.

Fine Gael's last minute announcement that it would vote against the bill would have been potentially disastrous for the Government if it were not for three independent TDs, Jackie Healy-Rae, Michael Lowry and Joe Behan, who have provided the coalition with a slim majority.

There will be a two-hour debate on the bail-out package before a vote at about 1.30pm.

If the vote goes in favour of accepting the package, the IMF will be in a position to approve its 22.5 billion euro (£19bn) portion of the bailout on Thursday.

The bill is also opposed by Labour and Sinn Féin, but is still likely to be approved.

Speaking ahead of today's vote, Sinn Féin Spokesperson on Social and Family Affairs Aengus Ó Snodaigh said: "The international bond markets did not kick us out, the Government left them because the interest rates, as a result of their policies, were too high. They were 9% - the EU/IMF is offering us 6% but making us bail out the bank bondholders and telling us how to run the state as conditions."

(DW)