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European bailout of Ireland close at hand

By Carmel Crimmins | China Daily | Updated: 2010-11-29 08:01

DUBLIN - European ministers are expected to sign off on an 85 billion euro ($112.7 billion) rescue for Ireland, making it the second euro member after Greece to require a bailout in the face of a crippling debt crisis.

Finance ministers from the 16-nation euro zone are due to meet in Brussels to discuss the emergency loan package Ireland needs to stem mounting losses at its banks and cope with a massive budget deficit.

Ministers from the broader 27-nation European Union will also gather to approve the aid, which will come from a 750 billion euro ($993 billion) rescue facility the bloc set up back in May after Greece was pushed to the brink.

European bailout of Ireland close at hand

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