EU approves $113 billion bailout for Ireland

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http://www.khaleejtimes.ae/DisplayArticle08.asp?xfile=data/international/2010/November/international_November1431.xml§ion=international

(AP)

28 November 2010,

BRUSSELS — EU governments on Sunday approved an ¤85 billion ($113 billion) bailout deal for Ireland to help the debt-struck nation withstand the weight of its banking crisis.

According to a statement released by the Irish government, the country will take ¤10 billion immediately to boost the capital reserves of its banks. Another ¤25 billion earmarked for the banks will remain in reserve.

The Irish government’s public finances will receive ¤50 billion, to be drawn upon as necessary.