EU Starts on Irish Bank Aid, Spurns Immediate Rescue
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European finance ministers started work on possible aid for Ireland’s debt-laden banks, stopping short of an immediate bailout package and risking a setback in bond markets.
Finance chiefs from the 16-country euro area lauded Ireland’s budget cuts, echoing the rhetorical support offered in the early stages of Greece’s debt trauma before a rescue became necessary. Ireland said it won’t plead for money when European and International Monetary Fund officials arrive in Dublin tomorrow to begin talks on the banking system’s needs.