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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:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
