Ireland Will Need ‘Tens of Billions’ in Loans

by Daniel Foster

The WSJ reports:

DUBLIN—Top Irish government officials acknowledged for the first time Thursday that the country is grudgingly edging toward a massive international bailout.

Patrick Honohan, the head of Ireland’s central bank, said he expects the country will receive “tens of billions” in international loans. “It will be a large loan because the purpose…is to show Ireland has sufficient firepower to deal with any concerns of the market,” he said in a radio interview.

Finance Minister Brian Lenihan added: “It’s clear we will need some form of external assistance. … We have to find a resolution to our banking difficulties with whatever external assistance is appropriate.”

More here.