312 lines
11 KiB
Plaintext
Executable File
312 lines
11 KiB
Plaintext
Executable File
finance
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economics
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8203925
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-----
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# Ireland loan won't add to UK deficit, says Osborne
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## George Osborne, the Chancellor, said Britain's bilateral emergency loan to
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Ireland will not add to Britain's deficit, and will earn £440m for the public
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coffers.
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![Ireland loan won't add to UK deficit, says Osborne][1]
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A protester outside the Irish Prime Minister's office in Dublin last month.
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Photo: AFP
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4:46PM GMT 15 Dec 2010
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[Comments][2]
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Britain has offered Ireland a loan of £3.25bn as part of its** [£7bn
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contribution][3]** to an international bailout for the struggling eurozone
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country.
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"If Ireland takes out all the loan that is being made available to them, pays
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it back with the interest that has been forecast, then they would pay us £440m
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in terms of fees and interest," Mr Osborne said.
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The Irish parliament approved the €85bn (£72.5bn) bailout package from the
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European Union and the International Monetary Fund (IMF) this afternoon.
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With the support of independent MPs, the Irish government overcame opposition
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parties who wanted to renegotiate the deal to force some of Ireland's banking
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losses onto the banks' debtholders.
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Mr Osborne said that the final detail of the loan had only been agreed early
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today.
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## Related Articles
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* [Key points - terms of UK loan to Ireland][4]
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15 Dec 2010
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* [Ireland's bailout protests: in pictures][5]
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15 Dec 2010
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* [Markets fall on Spain fears][6]
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15 Dec 2010
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* [Austerity measures or reality check: Ireland by numbers][7]
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15 Dec 2010
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* [UK pledges 7bn to help bail Ireland out of debt crisis][8]
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17 Nov 2010
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* [Harsh Irish budget fails to stem eurozone debt crisis fears][9]
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08 Dec 2010
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"People ask, of course, why are we extending the loan to Ireland? We are doing
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this because it is overwhelmingly in our national interest that we have a
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strong Irish economy and a stable banking system," said the Chancellor.
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"It is not just about the Irish economy and Irish jobs, it is about the
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British economy and British jobs."
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Ireland is the fifth largest market for British exports.
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The European Union rejected suggestions that the interest rate on the loan to
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Ireland is too high, saying the emergency loan is on preferential terms.
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The terms of the loan are similar to those offered by the IMF, the EU said,
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but acknowledged that the margin is designed to encourage Ireland to return to
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financial markets as soon as possible.
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The EU is the biggest contributor to the €85bn Irish bailout package, agreed
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last month.
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Irish media have said the 5.7pc interest rate that the seven and a half-year
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loan carries is too high, compared with the rate of around 3pc charged by the
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IMF.
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The European Commission said the IMF's rate was a floating one while the EU's
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is fixed, so the two cannot be compared directly.
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Ireland will receive its first EU money in January after the the eurozone's
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emergency aid vehicle, the European Financial Stability Facility, issues its
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first bonds.
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[Tweet][14]
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http://www.telegraph.co.uk/finance/economics/8203925/Ireland-loan-wont-add-to-
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UK-deficit-says-Osborne.html
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Telegraph
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## [Economics][15]
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* ### [Ireland »][16]
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* ### [Finance »][17]
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* ### [Financial Crisis »][18]
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* ### [Business Latest News »][19]
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In finance
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[![Riot police use tear gas as protesters throw petrol bombs in Athens][20]
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][21]
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### [Tear gas and petrol bombs][21]
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[![IMF Global Financial Stability Report: the key points][22] ][23]
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### [IMF Stability Report: key points][23]
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[![Indebtedness and Leverage in Selected Advanced Economies (as a percent of
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2010 GDP) ][24] ][25]
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[![Monetary Policy Committee members: the hawks, the doves and the in-
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betweeners][26] ][27]
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[![][28] ][29]
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### [Top 10 economics stories of 2010][29]
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[What are these?][11]
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Share:
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* [ ][10]
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* [ ][12]
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* [ ][13]
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* [Tweet][14]
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* Advertisement
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![][30]
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telegraphuk
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Please enable JavaScript to view the [comments powered by Disqus.][31] [blog
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comments powered by Disqus][32]
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sponsored features
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