Ireland crisis ratchets up fears of further peripheral Eurozone woes
Six months on from the rescue of Greece, Ireland accepted a massive €85 billion IMF-EU bailout package in November. But with growing fears of the contagion spreading to other peripheral countries, is the Eurozone crisis set to shift up a gear?
On November 28, the Republic of Ireland finalised a €85 billion IMF-European Union bailout package to once again prop up its ailing banks and keep the country afloat.
Up to €35 billion of the package will be used to support the financial system: €10 billion will be used for the immediate recapitalisation of banks (with the intention that banks will reach core tier one capital ratios of at least 12% by February 28, 2011), and the remaining €25 billion will be kept in reserve to be used on an ‘as
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