Sub-editor, World Desk, London, London
Peter's Feed
Nov 29, 2010

Whoever leads Ireland is stuck with bailout

DUBLIN (Reuters) – Ireland’s opposition parties may grumble about the terms of an EU/IMF bailout, but when they come to power in a matter of months as widely expected they will have little room to escape the measure.

Prime Minister Brian Cowen and his ruling Fianna Fail party are headed for defeat in an election early next year that is all but certain to put the opposition Fine Gael and Labour parties in control of the country.

Nov 29, 2010

Snap Analysis: Whoever leads Ireland is stuck with bailout

DUBLIN (Reuters) – Ireland’s opposition parties may grumble about the terms of an EU/IMF bailout, but when they come to power in a matter of months as widely expected they will have little room to escape the measure.

Prime Minister Brian Cowen and his ruling Fianna Fail party are headed for defeat in an election early next year that is all but certain to put the opposition Fine Gael and Labour parties in control of the country.

Nov 28, 2010

Europe set to approve bailout for Ireland

DUBLIN (Reuters) – European ministers are set to sign off an 85 billion euro ($113 billion) emergency loan package for Ireland on Sunday that they hope will calm markets and prevent contagion to other parts of the euro currency bloc.

The Belgian presidency of the European Union said finance ministers from its 27 member states would meet in Brussels on Sunday to discuss Ireland, which is poised to become the second euro zone country after Greece to be bailed out.

Nov 27, 2010

Ireland set for rescue but euro contagion fears remain

DUBLIN (Reuters) – Ireland is poised to become the second euro zone country after Greece to seal a bailout but few expect the rescue to end a deep crisis that has haunted Europe’s currency bloc for much of the past year.

Tens of thousands of Irish are expected to march in Dublin on Saturday in a union-organized protest against the government’s decision to seek aid from the EU and IMF to help it deal with its crumbling banks and gaping budget deficit.

Nov 26, 2010

Ireland nears rescue but Portugal denies it’s next

DUBLIN/LISBON (Reuters) – Ireland hammered out the final details of an EU/IMF rescue on Friday as financial market pressure mounted on Portugal and Spain despite vehement denials from euro zone governments that they too might require bailouts.

The euro currency dipped as low as $1.32 for the first time in over two months and shares on both sides of the Atlantic fell amid fears the currency bloc’s debt crisis could deepen further and the 85 billion euro ($113 billion) package for Ireland might not be the last.

Nov 26, 2010

Ireland nears rescue, Portugal denies it next

DUBLIN/LISBON, Nov 26 (Reuters) – Ireland hammered out the
final details of an EU/IMF rescue on Friday as financial market
pressure mounted on Portugal and Spain despite vehement denials
from euro zone governments that they too might require bailouts.

The euro currency dipped as low as $1.32 for the first time
in over two months and shares on both sides of the Atlantic fell
amid fears the currency bloc’s debt crisis could deepen further
and the 85 billion euro ($113 billion) package for Ireland might
not be the last.

Nov 26, 2010

Worst of times, best of times: tale of two Irelands

DUBLIN, Nov 26 (Reuters) – Country A is drowning. A
catastrophic recession has thrown a tenth of its workforce out
of jobs in just two years. Firms are shutting, banks are barely
solvent and the IMF has been called in to bail out the
government from crushing debt. The standard of living is
eroding, taxes are being hiked, state spending is being slashed,
and the deeply unpopular government is being forced into an
election it is certain to lose.

Country B has a huge and growing trade surplus. It is
attracting a flood of international investment from global
firms, building thriving hi-tech export industries. Exports grew
this year by 6 percent and now amount to more than $50,000 per
person. Taxes are low and staying low, and the English-speaking
population is highly skilled.

Nov 26, 2010

Worst of times, best of times: tale of two Irelands

DUBLIN, Nov 26 (Reuters) – Country A is drowning. A
catastrophic recession has thrown a tenth of its workforce out
of jobs in just two years. Firms are shutting, banks are barely
solvent and the IMF has been called in to bail out the
government from crushing debt. The standard of living is
eroding, taxes are being hiked, state spending is being slashed,
and the deeply unpopular government is being forced into an
election it is certain to lose.

Country B has a huge and growing trade surplus. It is
attracting a flood of international investment from global
firms, building thriving hi-tech export industries. Exports grew
this year by 6 percent and now amount to more than $50,000 per
person. Taxes are low and staying low, and the English-speaking
population is highly skilled.

Nov 24, 2010

Stoic but losing patience, Irish queue for benefits

DUBLIN, Nov 24 (Reuters) – Anne Fullham, a 44-year-old Irish
property lawyer who lost her job in March, never dreamed she
would find herself accepting benefits.

“When I was growing up … it was the safest job you could
possibly have — if you’re a doctor, a lawyer, an architect. And
now the architects and the lawyers are in trouble,” she said.

Nov 24, 2010

Teetering Irish government sets out 4-year plan

DUBLIN, Nov 24 (Reuters) – Ireland’s deeply unpopular
government will finally explain on Wednesday how it plans to
save 15 billion euros over the next four years, inflicting more
pain on voters to prove that it can tackle the country’s debt.

An erosion of support from coalition partners this week
means Prime Minister Brian Cowen is unlikely to survive in
office much beyond the New Year to implement the proposals. But
his successor will probably be stuck with the plans, since
Ireland’s financial crisis leaves little scope to revise them.