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anyone else hearing this rumor....
UNCONFIRMED: Rumours Medley have published a report suggesting that there will be an EUR 80B bailout of Ireland next week.
@humenm twitter
taking us out of the bond market for 3 years is being said too.
UNCONFIRMED: Rumours Medley have published a report suggesting that there will be an EUR 80B bailout of Ireland next week.
@humenm twitter
taking us out of the bond market for 3 years is being said too.
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loomberg....
EU: Irish Bailout Imminent
Intensive EU discussions are underway that will lead to a financial-rescue plan worth more than €80 billion for Ireland and as soon as next week. There will be no "private-sector participation."
The final decision is likely to be taken Tuesday (November 16) at the meeting of the Eurogroup, the committee of the Eurozone's 16 finance ministers and representatives from the European Commission and the European Central Bank, but a political agreement to act has already been struck at the G20 summit in Seoul.
Officials will be negotiating over the weekend over the exact shape of the package but it is clear it will be similar to the Greek deal in that it will be sufficient to remove Ireland from the market for up to three years, and it will be combined with an IMF and EU adjustment program. Where it will differ is in the efficiency of raising the funding. Both IMF and European Financial Stability Facility cash will be available without a repeat of the political maneuverings over Greek aid, although the Irish won't need financing until they restart their funding program in the new year. Once the EFSF has the political go-ahead, it can start funding.
Eurozone governments are also seeking a substantial British contribution to the program, probably via the €60-billion European Financial Stabilization Mechanism, which is guaranteed by the EU's 27 members and not just those that use the euro.
In a bid to stall contagion, the ECB is likely to step up its bond-purchase program -- as it did in the first days after the May 8 - 9 crisis meeting. Officials differ over whether or how soon the Portuguese government will have to seek external
EU: Irish Bailout Imminent
Intensive EU discussions are underway that will lead to a financial-rescue plan worth more than €80 billion for Ireland and as soon as next week. There will be no "private-sector participation."
The final decision is likely to be taken Tuesday (November 16) at the meeting of the Eurogroup, the committee of the Eurozone's 16 finance ministers and representatives from the European Commission and the European Central Bank, but a political agreement to act has already been struck at the G20 summit in Seoul.
Officials will be negotiating over the weekend over the exact shape of the package but it is clear it will be similar to the Greek deal in that it will be sufficient to remove Ireland from the market for up to three years, and it will be combined with an IMF and EU adjustment program. Where it will differ is in the efficiency of raising the funding. Both IMF and European Financial Stability Facility cash will be available without a repeat of the political maneuverings over Greek aid, although the Irish won't need financing until they restart their funding program in the new year. Once the EFSF has the political go-ahead, it can start funding.
Eurozone governments are also seeking a substantial British contribution to the program, probably via the €60-billion European Financial Stabilization Mechanism, which is guaranteed by the EU's 27 members and not just those that use the euro.
In a bid to stall contagion, the ECB is likely to step up its bond-purchase program -- as it did in the first days after the May 8 - 9 crisis meeting. Officials differ over whether or how soon the Portuguese government will have to seek external
from the bbc at 11:53:
Irish debts
Meanwhile, the UK, France, Germany, Italy and Spain issued a joint declaration to try to calm bond market jitters over a possible future EU bail-out fund.
As Irish bond yields reached a fresh high, leaders discussed the Irish Republic's debt crisis amid concerns that the European Union will have to step in.
"Any new [bail-out] mechanism would only come into effect after mid-2013 with no impact whatsoever on the current arrangements," finance ministers from the five countries said in the declaration.
The statement seemed to have an impact on the bond market, with Irish bond yields dropping to 8.2%, down from the record high of 8.95% reached on Thursday.
But world stock markets fell in Friday trading as investors worried about Irish government debt, as well as possible measures in China to tackle inflation.
Irish debts
Meanwhile, the UK, France, Germany, Italy and Spain issued a joint declaration to try to calm bond market jitters over a possible future EU bail-out fund.
As Irish bond yields reached a fresh high, leaders discussed the Irish Republic's debt crisis amid concerns that the European Union will have to step in.
"Any new [bail-out] mechanism would only come into effect after mid-2013 with no impact whatsoever on the current arrangements," finance ministers from the five countries said in the declaration.
The statement seemed to have an impact on the bond market, with Irish bond yields dropping to 8.2%, down from the record high of 8.95% reached on Thursday.
But world stock markets fell in Friday trading as investors worried about Irish government debt, as well as possible measures in China to tackle inflation.
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