Ireland to start tapping bailout fund early 2011

DUBLIN, Dec 10 (BestGrowthStock) – Ireland will start tapping an 85
billion euros IMF/EU bailout fund early next year for some of
its sovereign borrowing requirement, Finance Minister Brian
Lenihan said on Friday.

“It is expected that the drawdown of the external funding
element will begin early in the new year,” Lenihan told
parliament.

In the bailout, 50 billion euros is set aside for Ireland’s
borrowing needs for the next three years. The remaining 35
billion euros will be used to shore up the country’s banks.

(Reporting by Carmel Crimmins; Editing by John Stonestreet)

Ireland to start tapping bailout fund early 2011