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Ireland will take bail-out

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Ireland will take bail-out

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Ireland will apply for a bail-out from international lenders. Ending weeks of speculation, the country’s finance minister said formal negotiations would soon begin.

Speaking on radio, Brian Lenihan said the crisis shouldn’t trigger a general election, after calls for the government to stand down. He also said a plan to restructure banks is likely, but there’ll be no changes to low corporation tax:

“I believe it’s important that this state continues to fund itself in a stable way; that economic continuity is preserved; that there is no danger to the borrowing the state requires to make its own interest; and also that our banking sector is stabilised.”

The minister also denied reports that Ireland would need a three-figure sum. It’s believed between forty-five and ninety billion euros may be needed, depending on whether Ireland needs help for its public debt, as well as its banks.