IMF Ready to Shock Doct..., err, Help Ireland, If It Makes Request for Aid

[marmar]

Nov. 13 (Bloomberg) -- The International Monetary Fund stands ready to help Ireland if needed, its managing director said, as market concern about the country’s debt crisis continues.

“Everybody knows that the situation with Ireland, it’s a difficult situation,” IMF Managing Director Dominique Strauss- Kahn told reporters today in Yokohama, Japan. “So far I haven’t received any kind of request. I think they can manage well. If at one point in time, tomorrow, in two months or two years, the Irish want support from the IMF, we will be ready.”

In a conference call of European Central Bank officials around noon Frankfurt time yesterday, Ireland was pressed to seek outside help within days, said a person briefed on the discussion who spoke on condition of anonymity.

Ireland could draw on the 60 billion euro ($82 billion) segment of the broader 750-billion-euro fund set up by the European Union and International Monetary Fund in May, Irish state broadcaster RTE said, without saying where it obtained the information. The smaller pool is funded directly by the European Commission, the EU’s Brussels-based executive branch.

Bailing out Ireland’s financial system could cost as much as 50 billion euros under a “stress case” scenario compiled by the Finance Ministry and central bank. The country’s gross funding need for 2011 will be 23.5 billion euros, falling to 18.6 billion euros in 2014, the nation’s debt agency said yesterday. ............(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=a1MXz6F898TE&pos=2

[xchrom]

1. Recommend

[whyverne]

2. All I can think of is John McCain during the presidential campaign,

holding Ireland up as a model for the United States. How can people that are so consistently wrong keep hanging around? Oh I know, they lie and blame it on somebody else.

[SpiralHawk]

3. So-called 'conservative' republicon economics trashed America's finances...

...so it's not at all surprising that Republicons would point to some other nation's massive FAIL as a model that they want to bring to America now.

[Canuckistanian]

4. Don't do it, Ireland! It's a trap!

[marmar]

5. Admiral Akbar......the only roach worth saving.

nt