Central Bank Official Expects Ireland to Receive Bail-out

Patrick Honohan, Governor of the Irish Central Bank, said in a radio interview that he believes the Irish Republic will be forced to take on a “very substantial loan” as part of an emergency bail-out from the European Union. Honohan suggested loan could be in the range of “tens of billions” of euros.

“It’ll be a large loan because the purpose of the amount to be advanced or to be made available to be borrowed is to show that Ireland has sufficient firepower to deal with any concerns of the market. That’s the purpose of it,” Honohan said in the interview.

Source: BBC News

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