Lenihan: Ireland to apply to IMF for rescue package

EU Finance Ministers are due to hold a conference call later this evening during which Ireland is expected to make a formal request for a financial rescue package.


An EU source said the request would be approved during the call.

It follows confirmation by Minister for Finance Brian Lenihan that he would be recommending to the Cabinet this afternoon that an application be made to the European Union and the International Monetary Fund.

Speaking on RTÉ's This Week, Mr Lenihan said he will propose the application to this afternoon's meeting of the Cabinet.

The Minister confirmed that discussions with the agencies had concluded yesterday evening.
Ireland will now be formally applying for a rescue programme and formal negotiations will begin.
He confirmed that the amount of money involved amounted to 'tens of billions' of euros but denied suggestions it would be as much as €70 or €80bn.

http://www.rte.ie/news/2010/1121/economy.html