The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year.
NICOSIA (Reuters) - The International Monetary Fund and the European Commission backed Ireland's calls on Friday to lighten the cost of its bank bailout, a move they hope will bolster the island's borrowing prospects and help wean it off international support. Debt-laden Ireland wants the terms tied to up to 31 billion euros of IOUs pumped into two failed banks eased, and for the euro zone's rescue fund, the European Stability Mechanism, to take over Dublin's stakes in other lenders. ...
Cliff Wachtel submits: Dear EU/IMF Leaders: There are rumors cited here that Ireland is close to an IMF bailout agreement. I hope they’re true, and that you did indeed learn from mistakes last year. Let’s just cut to the chase.
America’s new treasury secretary Jack Lew has demanded that Europe do more to grow its austerity-afflicted economy amid concerns that Portugal was heading towards its second international bailout, reports The Guardian.
Reflecting deep anxiety in the Obama regime about the risks posed by the single currency’s prolonged double-dip recession, Lew used a visit to Brussels to urge expansionary measures.
Cliff Wachtel submits: Just as September and October have become known as potential crash seasons for stocks, could the year-end be taking on similar bad vibes for the EURUSD? The overall EURUSD situation is eerily familiar to that of a year ago.
European officials are pressing to recapitalize Ireland's wounded banks with money from a bailout fund, indicating that an aid package to the country is taking shape even as Dublin insisted it didn't need help.