Ireland says bailout talks with EU, IMF conclude

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Ireland says bailout talks with EU, IMF conclude

09:12, November 29, 2010      

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The Irish government said Sunday afternoon that the talks with the European Union (EU) and the International Monetary Fund (IMF) over a bailout package have concluded.

"The negotiations which have been underway with representatives of the European Commission, the European Central Bank (ECB) and the IMF are concluding today (Sunday)," said a government statement.

The statement said the government met Saturday evening and were briefed on the progress which had been made.

"The government decided to proceed to conclude a program on that basis and authorized the minister for finance to finalize the negotiations at a meeting of the EU finance ministers in Brussels this afternoon," the statement said.

The EU ministers are expected to sign off a bailout plan totaling 85 billion euros for Ireland, the second eurozone member after Greece that fell prey to a debt crisis.

Faced with mounting market pressure and a worsening banking crisis, Ireland asked for help from the EU and the IMF one week ago.

"It is expected that the program for assistance to Ireland will be adopted at this ministerial meeting. It is anticipated on that basis that details of the agreement will be published later this afternoon," said the statement.

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