Irish fury as bailout confirmed
IRELAND: Anger mounted in Ireland Monday after Prime Minister Brian
Cowen confirmed the European Union had agreed to his request for a
multi-billion-euro bailout. Protesters gathered outside the Government
buildings in Dublin and the national media wrote of "a nation's outrage"
following the leader's announcement.
The Irish cabinet's request for aid was approved by EU finance
ministers during an emergency conference call late Sunday as officials
moved to quell fears that the debt-laden nation could spread contagion
to weak euro economies.
"EU and euro-area financial support will be provided under a strong
policy programme which will be negotiated with the Irish authorities by
the (European) Commission and the International Monetary Fund, in
liaison with the ECB (European Central Bank)," Cowen said.
Finance Minister Brian Lenihan added at the press conference that it
would take "several weeks" to finalise the exact amount of the bailout.
"We have not determined a precise figure," said Lenihan.
Diplomatic sources in Brussels put the figure at between 80 to 90
billion euros (110 to 123 billion dollars).
Cowen said the bailout "will address the budgetary challenges of the
Irish economy in a decisive manner on the basis of the ambitious
budgetary adjustment and comprehensive structural reforms" contained in
a four-year budget plan.
"Given the underlying strengths of the Irish economy, decisive
implementation of the programme should allow a return to a robust and
sustainable growth, safeguarding the economic and social position of the
people of Ireland," he said.
Cowen also said the contentious issue of Ireland's 12.5 percent
corporation tax had "not arisen" in negotiations.
He added that a central plank of the rescue package would be the
"further deep restructuring and the restoration of the long-term
viability and financial health of the Irish banking system."
Anger spilt onto the streets of Dublin following the announcement and
one protester was injured after accidentally being struck by a
ministerial car.
The Irish Independent ran with the headline "a nation's outrage to
drive Cowen out," adding that the public was "roundly furious at the
manner in which the government has 'lied' about the unprecedented events
of last week."
The broadsheet quoted a senior opposition Fine Gael member as saying:
"The people are ready to march on government buildings, like I have
never sensed before."
Dublin, Monday, AFP |