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Ireland Might Get A Little Money To Tide Itself Over, If Country Can Swallow Its Pride

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The Journalreports that "European finance ministers working on an international aid package for Ireland want the U.K. to make bilateral loans to Dublin as part of a larger aid package that could total up to €100 billion ($136 billion) and include credit from the euro zone and International Monetary Fund," according to people familiar with the matter. The deal for the banks would be around €45 billion to €50 billion, while "a broader package designed to restore confidence in Ireland's public finances as well could range from €80 billion to €100 billion." However, we're not there yet, as some people are too proud to take a handout.

Irish leaders would prefer to avoid the stigma of an IMF program. IMF loans typically come with policy prescriptions and targets attached while forcing governments to relinquish a degree of sovereignty to the Washington-based institution.

Maybe they should talk to Citi? Vikram can assure them there's no shame in this sort of thing and actually in some cases it can be quite fun, if you pretend you're the main character is some sort of psychological thriller or video game.


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