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IMF urges Europe to help refinance Irish bank bail-out
Posted By aaron On June 15, 2012 @ 1:00 pm In Economic Crisis | Comments Disabled
June 15, 2012
Dublin, which signed up to an 85 billion euro ($108 billion) EU/IMF bailout in late 2010, aims to return to long term debt markets later this year to help it prepare for the ending of official funding next year and meet borrowing needs of up to 20 billion euros in 2014.
The IMF, one of the country’s “Trokia” of lenders along with European Union institutions, said Ireland would need a “substantial improvement” in market conditions to achieve a planned return to bond markets to avoid a new bailout when the current one expires at the end of next year.
Growing market turmoil is increasing the importance of addressing the huge burden of 63 billion euros of debt taken on to bail out the country’s banks, the IMF said in its quarterly report on Ireland.
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