The Corner

Gibbs: Irish Bailout a ‘Good Step’

Washington — The White House supports Ireland’s maneuver for a bailout. “I am not a euro zone expert,” Press Secretary Robert Gibbs told reporters earlier today. Still, he said, “I think that addressing these causes and concerns, quickly, is a good step.”

“We welcome Ireland’s intention to seek that assistance and for Europe to deal with the crisis that affects those countries,” Gibbs continued. He added that the administration is hoping that Ireland does not slide into a Greek-like debt crisis.

“I don’t think there’s any doubt, and we’ve certainly made mention of it here, the impact of Greece on our recovery,” Gibbs said.

The president, per Gibbs, has been updated on the situation during his daily economic briefings.

Meanwhile, in Ireland:

European shares and the euro fell this afternoon and the cost of borrowing for Ireland rose as markets reacted to increased political uncertainty in Ireland.

This follows an announcement by the Green Party this morning that it would seek a date for a general election by the end of January, after passing the budget.

Irish borrowing costs, which fell under 8 per cent earlier today on news that EU had approved a Government request for a multi-billion euro package, rose shortly after the Greens’ announcement and closed at 8.1 per cent.

Discussions resumed today between delegations from the IMF, the EU and the Commission and a team of Irish officials to discuss the terms of the bailout.

Robert Costa — Robert Costa is National Review's Washington editor and a CNBC political analyst. He manages NR's Capitol Hill bureau and covers the White House, Congress, and national campaigns. ...

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