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Theurer, Marcus

Frankfurter Allgemeine Zeitung

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Frankfurter Allgemeine Zeitung - Germany | 15/11/2010

Ireland can still go it alone

Until now Ireland has declined to seek financial aid from the 750 billion euro rescue package put together by the EU and the IMF. The conservative daily Frankfurter Allgemeine Zeitung says there's no rush for it to do so: "Why should the EU force its help on the Irish if they have good reasons for not wanting it? True, the bond market is in panic. If Ireland wanted to pump new money the risk premium could be ruinously high. But we're not there yet. By its own account the Irish government has sufficient reserves to get by until mid 2011 without securing new loans. What the refinancing conditions will be at that time is anybody's guess. Of course the Irish financial situation could worsen so drastically in the coming months that the country will need an injection of funds even before that. But only if that happens should the EU consider concrete steps for a bailout programme. Not now."

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