UK Offers Aid To Ireland During Debt Crisis
The UK promised Wednesday to help bring back financial stability in Ireland even as Ireland’s leaders resisted receiving a bailout.
"Ireland is our closest neighbor, and it's in Britain's national interest that the Irish economy is successful and we have a stable banking system," Osborne said. "So Britain stands ready to support Ireland in the steps that it needs to take to bring about that stability."
Suggestions obligating the UK to come up with near 6 billion pounds for any Irish government bailout are up for negotiation. Still, Ireland’s main sources of financial support would most likely be the other 15 countries that use the euro. They, along with the International Monetary Fund, would assist its banking system by providing individual loans.
Irish Prime Minister Brian Cowen admitted Ireland is in huge debt, no longer able even to borrow from world markets because of their interest rates.
According to a Washington Post article, he denied the necessity of a bailout. Instead, Cowen is leading the troubled country through urgent steps of self-help for its banking industry, through a mission with European Union and International Monetary Fund.
A multi-billion cash boost could be available for Ireland within five to eight days.
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