Irish rebels threaten EU bailout plans November 22, 2010 THE Irish government could collapse within days amid fears the controversial EU bailout could fall through. Rogue independent MPs Jackie Healy Rae and Michael Lowry threatened to derail the estimated €90bn (£77bn) bailout by refusing to back the coalition’s austerity budget. Any handout from Europe would depend on Ireland agreeing to meet a tough new [...]
Osborne: We will help our friend in need November 22, 2010 THE chancellor yesterday said Ireland was a “friend in need” that Britain would support, likely with a direct loan that will run into billions of euros. George Osborne said the loan would probably be in the “billions, not tens of billions”, but declined to give any further details of the package being discussed. Britain will [...]
Things looking better for Everton thanks to Arteta November 22, 2010 EVERTON moved two points clear of the relegation zone after Mikel Arteta’s 83rd minute strike helped his side salvage a 2-2 draw at Sunderland. Tim Cahill had put the visitors into an early sixth minute lead when he powered home Leighton Baines’ cross with a trademark header for his seventh goal of the season. Sunderland responded [...]
MP anger over UK contribution to aid November 22, 2010 CRITICS from across the political spectrum yesterday voiced their opposition to chancellor George Osborne’s decision that the UK should contribute several billion to the Irish bailout. Labour MP John Mann said that he would vote against the contribution, saying: “What George Osborne has chosen to do is use money from the average taxpayer to bail [...]
Eurozone dominoes teeter on the brink November 22, 2010 PORTUGAL’S future was hanging by a thread last night as ministers desperately tried to deflect fears it will be the next Eurozone domino to fall. Portugal’s Prime Minister Jose Socrates was defiant, claiming: “The country does not need any help… What the country needs is to do what is necessary, to approve the budget, and [...]
CITY VIEWS: SHOULD THE UK HELP BAIL OUT IRELAND November 22, 2010 RICHARD YOUNG | CONTROLCIRCLE “I’m not sure why we are trying to support an independent country when we have got mountains of debt of our own. There needs to be an underlying trade or political reason to do so.” CHRISTOPHER MILLER | INVESTMENT QUOTIENT “It’s not ideal, but it would be far worse if companies [...]
Bailout fails to bring calm to markets November 22, 2010 THE announcement of an international bailout for Ireland failed to enforce calm on the markets yesterday as political turmoil and ongoing insolvency issues stoked fears. After initially gaining, the Eurostoxx 50 fell two per cent to close at 2,811, tracing a pattern seen also on the FTSE 100, which closed down 1.7 per cent at [...]
Investors in Irish bank bonds could be forced to share in the bailout pain November 22, 2010 INVESTORS in some of the riskiest kinds of Irish bank debt could face big losses as part of the bailout deal being thrashed out between the Irish government, the EU and the International Monetary Fund (IMF). Already, some Irish banks, many of which have been semi-nationalised, are attempting to restructure their debt. Anglo Irish Bank [...]
ANALYST VIEWS: WHAT NEXT FOR IRELAND? November 22, 2010 JULIAN JESSOP | CAPITAL ECONOMICS The price of international support may be an even tougher period of fiscal austerity, which ultimately risks an even deeper recession. Ireland therefore still has a mountain to climb. JAMIE STUTTARD | SCHRODERS The plans will involve further fiscal austerity. For those looking at the potential economic impact, it should [...]
Banking stocks fall on fears of Irish exposure November 22, 2010 BRITISH banking stocks fell yesterday on the back of uncertainty about their exposure to the Irish crisis. Barclays fell 2.7 per cent to 270.1p, while Lloyds dropped 5.8 per cent to 64p and RBS saw a 6.1 per cent fall to 40p. The falls in Lloyds and RBS stock were also exacerbated by the declaration [...]
