Of course Ireland's stubbornness, like Greece, of not admitting the country is financial fucked doesn't help them come to terms how fucked they really are, it shows poor leadership and arrogance. I hope the markets punish the fiscal irresponsibility of Ireland (and the rest of the PIIGS) even with the potential bailout being implicated. As the poor citizens of indebted countries deal with arrogant and pitiful leadership.
On a political front seeing the unsettled and rattled government of France (non PIIG) make suggestrions about how to solve Ireland debt woes is beyond comical. The fact of the matter is that France is a p-hair away from insolvency.
"PARIS (Dow Jones)--French finance minister Christine Lagarde said Tuesday a plan to respond to problems in Ireland's finance could include bilateral agreements.
Lagarde was speaking to reporters after European finance ministers agreed the European Commission, the European Central Bank and the IMF should travel to Dublin to prepare activation of the European Financial Stability Facility, the emergency loan program created earlier this year by the European Union to help euro-zone countries that need help refinancing their debts.
The Wall Street Journal reported earlier Tuesday that European finance ministers are working on an international aid package for Ireland and want the U.K. to make bilateral loans to Dublin as part of a larger aid package.
"If bilateral instruments are suggested, why not [...]? It is one of the options that can be envisaged," Lagarde said when asked whether the U.K. might provide an additional element in the plan.
Lagarde said the Irish government is determined to act quickly in talks with the European Commission, the ECB and the IMF.
This work involves looking verification of risks, the situation of banks and then making recommendations, she said.
Asked if it will be a question of days for that work to be completed, Lagarde answered "I think so."
Lagarde said the situation in Ireland is not the same as the situation was in Greece as Ireland's sovereign debt situation is under control and it has implemented a courageous budgetary adjustment.
She also said the Ireland situation is different from Greece's because banks were involved and required restructuring.
Still, she said observers shouldn't jump to the conclusion that it would be a bank rescue package."
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