Nov 16 2010

Ireland turns down bailout

Not much detail yet, but breaking after the bell on CNBC, Ireland has said it will only accept a bank bailout and not a government bailout.

Meetings expected to continue tomorrow.

Update:

Irish rebuff bailout call in euro zone crisis

By Jan Strupczewski and Julien Toyer, Reuters

1 hr 1 min ago

BRUSSELS (Reuters) – Ireland said it was discussing stabilization measures with its European partners on Tuesday and ways to cut its heavily indebted banks’ funding costs in what a top EU official called a “survival crisis” for the euro zone.

A euro zone source said finance ministers of the 16-nation currency area meeting in Brussels would declare support for Dublin’s austerity measures and express readiness to help financially, if it asks for aid, but would not announce any practical measures.

In Dublin, Prime Minister Brian Cowen rebuffed calls to request a bailout, saying the government was fully funded until mid-2011, and insisted that only the banks may need help.

In other news, kiss goodbye any Stock Market gains in November.  As Atrios says is seems that only when the Market goes down do our “leaders” in Washington pay attention, so, more days like this please.

3 comments

    • on 11/16/2010 at 22:13
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    • on 11/16/2010 at 23:09
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    • on 11/16/2010 at 23:13
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    to European ans Asian financial issues.

    Stocks Drop Amid Global Worries

    Worries about Europe’s debt crisis and possible moves by authorities in Asia to slow fast-paced growth there swept the world’s markets on Tuesday and pushed stocks in the United States sharply lower.

    As finance ministers from the 16 countries that use the euro met in Brussels to discuss the problems in Ireland, investors worried that the debt crisis could spread across the Continent to Portugal, and even to Spain.

    “There is a worry about the state of things overseas. It is the European debt crisis that is causing this,” said Zach Pandl, economist at Nomura in New York.

    Stocks, which have been grinding lower since the Federal Reserve announced its asset purchase program to stimulate the economy, fell for the seventh consecutive day.

    The Dow Jones industrial average briefly fell below 11,000 for the first time since early October. At the close it was at 11,023.50 down 178.47 points, or 1.59 percent on the day.

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