Possible IMF Deal Rumoured For Ireland

The Department of  Finance officials are refusing to comment on possible rumours of an IMF bailout for Ireland. Ireland’s 10-year bonds rose above 8% this morning, amid serious rumours of a possible IMF bailout for this country.

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This is despite Finance Minister Brian Lenihan telling  BBC television last night that Ireland did not need an EU bailout and would return to the markets next year to further raise funds through bond sales.

Irish Bonds continued to suffer yesterday, as concern that “peripheral” nations will struggle to reduce their budget deficits, spurring further demands for the safest assets. The bonds further weakened for the 11th consecutive day, today, their longest run of declines since January 2009, with Ireland’s 10-year Bond Yields rising to 8.4% for the first time.

A Department of Finance spokesperson today stated that the department was not aware of any IMF deal rumours, and would not be commenting on such.

Speaking earlier today at a conference in Dublin, the Governor of the Central Bank Mr Patrick Honohan said that any IMF intervention at this point would not entail a change in current government policy. He went on to say, in an RTÉ report, that he did not believe Ireland would need outside financial assistance, but added that any IMF assistance would seek similar polices to those the present government are currently constructing.

CMC Markets chief strategist, Ashraf Laidi Tweeted this morning:

“ONLY RUMOUR SO FAR: hearing talk of possible IMF DEAL for Ireland here at the Dublin IFSS. IMF NOTHING confirmed.

Neil Hume from the Financial Times sent this message:

WARNING  THIS IS RAW. TOTALLY SPECULATIVE. “hearing talk of possible IMF DEAL for Ireland”, traders.

These remarks now beg the following questions:-

  1. “Are those of us who are being forced to take responsible for Ireland’s current predicament being treated as mushrooms?.”
  2. “When will this countries books be open to those expected to foot the inevitable invoice, namely the taxpayers ?.”

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