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Commission in talks with IMF to help Irish banks

16 November 2010, 17:09 CET
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(BRUSSELS) - The European Commission is holding talks with the IMF and the European Central Bank to resolve the Irish banking crisis, European economic affairs chief Olli Rehn said Tuesday.

"The Irish sovereign (debt) is funded well until the middle of next year," Rehn told reporters ahead of a meeting of eurozone finance ministers to discuss a way out of the crisis in Ireland.

"At the same time the commission together with the ECB and IMF and the Irish authorities are working in order to resolve the serious problems of the Irish banking sector," he said.

"I expect the Eurogroup (of finance ministers) to support this project," Rehn added.

This would be the second time this year that the International Monetary Fund plays a role to help Europe overcome a fiscal crisis, following a 110-billion-euro (150-billion-dollar) bailout of Greece in May.

Ireland has signalled it might accept help and an Irish newspaper said this would focus on a rescue for its stricken banks.

The European commissioner brushed aside comparisons to the fiscal troubles of fellow eurozone countries Portugal and Spain and sought to ease fears of contagion through the rest of the single currency area

"Ireland is a very different case," Rehn said.

"This is not a matter of the survival of the euro, this is a matter of a very serious problem in the banking sector of Ireland and therefore we have to keep a cool head and determination to work in order to find solutions to the banking sector of Ireland."


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