Irish bailout loan announcement

Officals are currenty in talks with the ECB regarding an Irish bailout loan from Europe.

“The intention is and the expectation is, on their part and personally on my part, that negotiations or discussions will be effective and a loan will be made available and drawn down as necessary,” Central bank governor Patrick Honohan told RTE.

The bailout loan has been discussed prominently in the European and international press, following potential leaks of the intention to seek bailout funds.

Various European government officials urged Ireland to seek the bailout with the intention of reducing the possibility of Irish debt contaminating the Euro-zone or affecting the Euro.

Irish government officials had previously denied these intentions, pointing to their unusual origin.

Economic and Monetary Affairs Commissioner spokesman Olli Rehn said stated pressure on Ireland to take a bail-out loan was not coming from the European Commission, but from what was described “another player”.