Ireland: Bailout is good business for IMF and EU
6 July 2011
“IMF and EU to make €9bn profit on bailout,” headlines the Irish Independent. Such is the lucrative figure the international organisations stand to earn in interest if the €85bn in loans extended to the economically stricken member state are drawn down in total. Furthermore, former colonial power Britain “is also entitled to send auditors and accountants here to check the books as part of its bilateral deal to Ireland,” the Dublin daily reveals. The revelations, made by Finance minister Michael Noonan, come as the IMF-EU bailout team fly into Dublin to rule on whether the Government is meeting the terms of the bailout. On the agenda will be more cuts to the public sector and to wage-setting systems for low earners. “Mr Noonan said yesterday that he may have to slash €4bn from Government spending next year to meet the IMF-EU budget deficit target, rather than the €3.6bn previously flagged,” the Irish Independent adds.