Simply put, the losses Irish taxpayers will be forced to cover are larger than the nation’s economy can support, even with the promised bailout. The EU and Irish political leadership’s attempts to put a brave face on the crisis…
The European Central Bank left interest rates unchanged for a 20th straight month.
Officials at the ECB in Frankfurt left the benchmark lending rate unchanged at 1%, Bloomberg News reported. The move was widely forecast by analyst and economists.
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Ireland’s credit rating was lowered two notches by Standard & Poor’s, as the country prepares to offer a four-year budget aimed at slashing the deficit.
“The Irish government looks set to borrow over and above our previous projections to fund furt…
Ireland will restructure its banking sector as part of a massive economic aid package from the EU and IMF.
Irish banks will shrink, merge or be sold off, Finance Minister Brian Lenihan said, according to The Associated Press.
The banks are saddled …