Bail-out to be announced on Sunday

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Bail-out to be announced on Sunday

The outline of an €85bn bail out deal for Ireland will be published on Sunday, in an effort to calm the turmoil in Europe’s financial markets, a Dublin minister has indicated.

“There has to be some clarity on our deal before Monday because what we’ve seen is a real uncertainty affecting markets, affecting this country, affecting other countries,” Eamon Ryan, the communications minister, told Irish radio on Saturday.

The loan – from the International Monetary Fund and members of the European Union – was likely to be for nine years, not the 3 year duration of the Greek bail out loan, an Irish government officials told the Financial Times.

The interest rate on the Irish bail out loan will not be a “single figure”, he said. “It depends on how long you borrow for. It’s typically more expensive if you borrow long term.”

The latest details emerged as tens of thousands of people marched through Dublin to protest against the government’s €15bn ($20bn) austerity measures announced earlier this week by the government.

Approximately 50,000 people took part in the demonstration, which was organised by the Irish Congress of Trade Unions.

David Begg, the general secretary of ICTU said the austerity plan was neither credible nor fair and compared the bail-out package that is expected to be soon to be finalised with the Versailles Treaty.

“This is a demonstration of the anger and feeling of working people in this country. It’s a disastrous strategy to bleed them dry to pay tens of billions of euros back that were gambled by international speculators for private profit. But this is only the beginning. Workers need to organise and move in the direction of a 24-hour general strike throughout the country. We have to stop this policy. It will ruin our society.”

Financial Times

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