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Dublin warned it has 24 hours to make decision as EU emergency talks loom amid fears Irish banks' contagion may spread to other eurozone countries.
Portugal, Spain, the European Central Bank and opposition parties all urged Brian Cowen's coalition government to remove the threat of a second crisis in six months by putting a firewall between Ireland and its partners in the 16-nation single currency.
"The Irish problem is spreading, but it could get more volatile," said Ashok Shah, chief investment officer at London Capital, a fund management firm. "They have to get this bailout, they have a period of time before it gets impossible, before nasty things happen. The longer they leave it, the more difficult it will get."
Portugal has seen its borrowing costs rocket along with Ireland's as speculation has grown that it too may have to consider a bailout. Its finance minister, Fernando Teixeira dos Santos, told the Wall Street Journal his country had been hit by a contagion effect caused by fears about Ireland's ability to pay its debts.
Prime Minister Brian Cowen signaled that his government will discuss measures to help the Irish banking system with European finance ministers tomorrow as he resists pressure to ask for a bailout of the country’s finances.
“We have to discuss these matters with partners as to how best to underpin financial and banking stability within the euro area,” Cowen said in an interview with Irish broadcaster RTE in Dublin today. Cowen stressed the government is making no aid application “for the funding of the state” and said he doesn’t expect any concrete agreement to come out of tomorrow’s talks.
As European officials push Ireland to request aid, Cowen’s language marks a shift from last week, when the government said there were no talks underway with European authorities. While the government still says it has enough cash to last it until mid-2011, Justice Minister Dermot Ahern said today the country’s cash-strapped lenders “have issues” and contacts with the European Central Bank and the European Commission are “ongoing.”
Ireland is fighting back against the 77 billion Euro bailout package, for fear the country will lose autonomy.
Originally posted by andy1033
At teh end of the day one europe is where we are going, and i see no reason why ireland should not accept, as its too late to back out and irelands fate was sealed long time ago.
Originally posted by CodeRed3D
If Ireland goes through with this bailout, it will loose its autonomy to the very system that sucking them dry.
Originally posted by andy1033
Do you really think ireland could exist now without europe? No way, and irish people would not accpet irish gov doing such a thing. They have had it good for too long now, with eu building them up.
Originally posted by thoughtsfull
This sucks for Ireland... I guess we are seeing the same process that led to the second vote.. keeping on the same line of attack until the crack.. tho I doubt Cameron will pay any attention as he seems much more of a Europhile..
All in all I wish the Irish people all the best and hope they find a way out of the mess they are in..