Ministers to Set Irish Bailout Terms

[Joanne98]

Source: NYT

BRUSSELS — European finance ministers gathered here Sunday to complete a multibillion-euro bailout for Ireland as financial markets waited to see if a restructuring of Irish banks would mean losses for bondholders.

The hastily arranged meeting, after another week of turmoil for countries using the euro currency, prompted speculation that Europe would seek to bolster confidence beyond Ireland by promising support, if needed, for other vulnerable economies like Portugal and Spain.

Policy makers hope that swift action can quell the fear of contagion ahead of the opening of the markets Monday.

In a move that underlined the importance attached by the European Union to Sunday’s meeting, telephone consultations took place before it began among the French president, Nicolas Sarkozy; the German chancellor, Angela Merkel; the president of the European Central Bank, Jean-Claude Trichet; the president of the European Council, Herman Van Rompuy; and the president of the European Commission, Jose Manuel Barroso, according to a statement from E.U. officials.



Read more: http://www.nytimes.com/2010/11/29/business/global/29euro.html?src=busln

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1. sigh. nt