EU Prepares Plan to Bail-out Banks in Ireland
The European Union is ready for a potential rescue program to bail out the Irish government, if it asks for help, the EU Finance Commissioner, Olli Rehn, said, the BBC has reported.
Rehn said at the end of an emergency meeting of eurozone ministers and financial institutions that the plan for Ireland would "accent on restructuring its banking sector."
The emergency meeting has been held among fears that the governments of the weaker EU countries, particularly the Irish Republic, would not be able to repay their huge debts.
According to the BBC, Rehn has said that "the Irish authorities are committed to working" with the EU, the European Central Bank and the International Monetary Fund, in order to calm market turmoil.
"We confirm that we will take determined and co-ordinated action to safeguard the financial stability of the euro area, if needed, and that we have the means available to do so," a statement by the eurogroup said, as cited by the BBC.
The Irish government had repeatedly denied that it is seeking outside support.
On Tuesday, Prime Minister Brian Cowen told parliament that he had not asked for bail-out money and that the Irish economy was well funded until next year.
Earlier on Tuesday, the EU Council president, Herman Van Rompuy, warned that if the euro failed, so too would the EU.
However, he added he was "very confident" the problems could be overcome.
Meanwhile, concerns were raised about the eurozone's bail-out of Greece after Austria said Greece had not fulfilled its obligations under the EU-backed aid package. Austria has yet to submit its December contribution to the package.
This followed the release of figures on Monday showing that Greece's budget deficit was worse than previously thought.
Text: novinite.com
Photo: BGNES
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