Europe closer to Ireland bailout

Nov 18, 2010 |

Brussels, Nov. 17: Europe moved closer on Wednesday to bailing out a eurozone state for the second time this year, as it launched a joint mission with the IMF to step up talks to support Ireland’s devastated banks.

Hours after eurozone finance ministers vowed to act to protect the stability of the single currency area, Britain announced that it also stood ready to rally to its neighbour’s side although Dublin has yet to ask for any money.

“Ireland is our closest neighbour. And it’s in Britain’s national interest that the Irish economy is successful and we have a stable banking system,” the British finance minister,

Mr George Osborne, told reporters ahead of a meeting with European Union counterparts in Brussels.

European economic affairs commission, Mr Olli Rehn, said it was “natural” for Britain to get involved since British banks have “very significant exposure in Ireland” and “very strong interconnections in the banking sector.”

With Ireland’s borrowing costs shooting through the roof, eurozone finance ministers announced late Tuesday that they would act in a “determined and coordinated” way to protect the euro, under threat again six months after a huge bailout of Greece.

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