Thursday, November 18, 2010
Irish officials acknowledge need for aid
Thursday, Irish official announced that they would be seeking aid from international sources.Ireland is reluctant to accept aid with strings attached. There would be substantial loans of up to tens of billions of euros. The books of Irish banks need to be checked before an exact amount. $60 billion euros might be sufficient to cover for financing needs for the next few years. Meanwhile, Greece is increasing deep cuts and increasing taxes in order to decrease the deficit.
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2 comments:
I don't think it's very surprising that Ireland is looking for financial aid dollars and euros from foreign sources. They seem to have been beating around the bush about receiving aid, trying to get pity money. Now that others have looked more into the crisis that led to Ireland's current economic recession, the are more reluctant to give aid.
I think this shows that Ireland is truly desperate for aid, and a lot of it. If they end up receiving help, let's hope they use it to better and smarter than some of the US companies that received bailouts.
Its interesting how they declined financial aid previously until the reveal more debt than what most had expected. This resulted in new fear in the European banks and in turn devaluing the Euro vs dollar. It will be interesting to see what happens and how much money they will receive.
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