Region: Ireland to Get Bailout

Euro group and Ecofin Ministers unanimously agreed on November 28 2010 to grant financial assistance in response to the Irish authorities’ request on November 22, a statement by the ministers said.

“Ministers concur with the (European) Commission and the ECB (European Central Bank) that providing a loan to Ireland is warranted to safeguard financial stability in the euro area and the EU as a whole,” the statement said.

Euro-area and EU financial support will be provided on the basis of a programme which has been negotiated with the Irish authorities by the Commission and the IMF, in liaison with the ECB.

Ministers welcome the staff-level agreement on a three-year joint EU/IMF financial assistance programme for Ireland. The Irish government approved the programme on November 28.

“Building on the strong fundamentals of the Irish economy, the programme rests on three pillars,” the statement said…

Read more at The Sofia Echo.

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