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Update on Ireland Bailout Talks

By Anonymous

Update: The Guardian is providing updates: Ireland's debt crisis - live coverage (ht Tommy)

From the Financial Times: Dublin in talks to resolve crisis

?We are discussing with both the ECB and the IMF and of course the Irish,? Mr [Rehn, the EU?s economic and monetary affairs commissioner] told reporters in Brussels on Tuesday. ?The real problems are in the banking sector,? not with the government, ?but these are connected?.
excerpt with permission

The WSJ has details of the proposed bailout: U.K. Support Sought for Ireland Bailout

A package of aid for Irish banks could be worth ?45 billion to ?50 billion, while a broader package designed to restore confidence in Ireland's public finances as well could range from ?80 billion to ?100 billion ... In any deal, the IMF would likely contribute half as much aid as the EU and U.K. combined.

And Irish leaders are still saying they have not asked for help, but they are now acknowledging the talks:

?Given the current market conditions, there have been on-going contacts at official level with our international partners,? [Taoiseach Brian Cowen] said.
...
?This is not an insurmountable challenge and, through working together with our partners in a calm and rational manner, we can resolve these issues and underpin financial stability in the medium and longer term," he said. ?It is in all of our interests that we find a credible, efficient and above all workable solution that will provide assurance to the markets and thereby restore confidence and stability."

Some reports suggest a tentative deal could be reached very soon (perhaps as early as tomorrow).

Full post as published by Calculated Risk on November 16, 2010 (boomark / email).