ECB says package helps stabilise Ireland, euro zone

FRANKFURT, Nov 28 (BestGrowthStock) – A European Union aid package
for Ireland provides a basis for the country to stabilise its
economy and will help ensure financial stability in the euro
zone, the European Central Bank said on Sunday.

Finance ministers from the 16-nation eurozone earlier agreed
an 85-billion-euro ($115 billion) rescue package for Ireland.

“The Governing Council of the European Central Bank welcomes
the economic and financial adjustment programme,” the bloc’s
central bank said in a statement.

“The programme contains the necessary elements to bring
about a sustainable stabilisation of the Irish economy.

“It addresses in a decisive manner the economic and
financial causes underlying current market concerns and will
thereby contribute to restoring confidence and safeguarding
financial stability in the euro area.”

The ECB said it welcomed the commitment of the Irish
authorities to take any further appropriate measures.
(Reporting by Sakari Suoninen; editing by Andrew Dobbie)

ECB says package helps stabilise Ireland, euro zone