Breaking: Ireland Will Pursue Aid From Europe, Minister Says

[Mira]

Sunday
November 21, 2010

Speaking on Ireland’s RTE radio, Mr. Lenihan said the application would be approved at a cabinet meeting later Sunday in Dublin.
The bailout would be in the tens of billions of euros, he said, adding that the final figure was subject to further negotiations.

His announcement ended a feverish bout of speculation on the rescue talks, which took on added urgency this weekend as the depth of the problems in the Irish banking sector became known to I.M.F. and European officials. People briefed on the talks said that the fear had grown that without swift action, a full-fledged banking panic might materialize on Monday.

On Saturday, Prime Minister Brian Cowen insisted that no form of debt restructuring would be on the table, despite a growing cry in Ireland and abroad for the bondholders — who financed the boom that has brought such a painful aftermath in this country — to share some of the pain.

to read the full story:



http://www.nytimes.com/2010/11/22/business/global/22debt.html?_r=1&emc=na

[The_Casual_Observer]

1. The economic boom in Ireland never made any sense, nothing

really changed & yet all of a sudden hard times (that had lasted generations) were over.