Ireland passes bailout package despite opposition


Carmel Crimmins
Reuters
December 15, 2010

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Ireland’s parliament approved a multi-billion euro EU/IMF bailout package on Wednesday in the face of opposition threats to renegotiate the deal to force losses on some senior bondholders in Irish banks.

Finance Minister Brian Lenihan pushed through the 85 billion euros (£72.5 billion) package with the support of independent MPs and told the centre-right Fine Gael party that its proposals to lean on senior bondholders would fail because of opposition from the European Central Bank.

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“Those who think we can unilaterally renege on senior bondholders against the wishes of the ECB are living in fantasy land,” he said.

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