| Author (Person) | Smyth, Jamie |
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| Series Title | Financial Times |
| Series Details | 3.7.12 |
| Publication Date | 03/07/2012 |
| Content Type | News |
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Article reported that Ireland’s borrowing costs had dropped to pre-bailout levels since the unexpected agreement at the European Council summit on the 28-29 June 2012 that could see the €500bn eurozone bailout fund take over a chunk of the €64bn in bank-related debt now on the country’s balance sheet. But Irish officials and banking experts acknowledged that because many Irish banks owned by the government are worth far less now than when nationalised, Dublin was unlikely to get back what it put in if, and when, it unloaded its holdings to the rescue fund. In September 2012 the International Monetary Fund boosted Ireland’s campaign to win relief on its €64bn banking debt by urging European authorities to use the new bailout fund to make direct investments in the country’s lenders. 'Material investments in Irish banks by the ESM (European Stability Mechanism) could transform the public debt outlook, cut the bank- sovereign link, and cement a needed win for Europe,' the IMF said in its September 2012 review of Ireland’s bailout. |
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| Countries / Regions | Ireland |
