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France says Ireland bailout around 85 billion euros

11-25-2010 08:36 BJT Special Report:EU, Ireland agree on bailout |

PARIS, Nov. 24 (Xinhua) -- The EU-IMF bailout fund for cash-strapped Ireland has been estimated to be "around 85 billion euros (113.5 billion U.S. dollars)," Budget Minister Francois Baroin said Wednesday.

The Ireland situation "is not yet stabilized" Baroin said during a press conference that followed a regular cabinet meeting.

The debt problem troubling Ireland generated from the banking sector rather than the public state, but the Irish government is set to unveil a four-year austerity plan Wednesday.

The austerity measures aim to slash 15 billion euros (20 billion dollars) in order to meet conditions the European Union and International Monetary Fund set for a financial rescue package.

The Irish government's acceptance of an international financial bailout hasn't shown much effect in restoring investors' confidence. The euro remained in a devaluating trend against the dollar while Standard & Poor's downgraded the long-term rating of Ireland from AA- to A late Tuesday.

According to an earlier report from Bloomberg, Irish Prime Minister Brian Cowen said a bailout of 85 billion euros (113.5 billion U.S. dollars) has been discussed in parliament and relevant talks are continuing.

Editor:Xiong Qu |Source: Xinhua

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