Angela’s ashes . . . or how to trigger a bailout without really trying

It is ironic that Germany, Ireland’s main EU guarantor, may have triggered the need for the bailout in the first place, writes Gavin Barrett

27th November, 2010

Ireland has buried itself under a self-created avalanche of debt.

An IMF CommissionECB rescue troika is providing an €85 billion facility to dig us out, but this is an interest-bearing loan, conditional in nature - and not guaranteed to succeed.

Its conditions are a recovery plan that will suck €15 billion out of the economy over the next four years, an upfront budget adjustment of €6 billion in December and further terms to be set...

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