Ireland is being urged by European policy makers to take emergency aid to contain a debt crisis rattling their markets, according to a person briefed on the discussions.
In a conference call of European Central Bank officials around noon Frankfurt time yesterday, Ireland was pressed to seek outside help within days, the person said on condition of anonymity. Separately, a European Union official said a request for assistance was likely even as Irish Finance Minister Brian Lenihan told RTE Radio that such a call Ã¢â‚¬Å“makes no senseÃ¢â‚¬Â as the government is fully funded to mid-2011.
Irish bonds rose from a record low yesterday, gaining for the first time in 14 days as traders bet a bailout was near. Prime Minister Brian Cowen said for the first time that he is working with fellow EU leaders as Ã¢â‚¬Å“there are issues affecting the wider euro areaÃ¢â‚¬Â and that they are trying to Ã¢â‚¬Å“ensure that the bond markets respond positively to the euro.Ã¢â‚¬Â He reiterated that his debt-strapped country has not sought cash.
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