BREAKING NEWS

Deal on Ireland's €85B bailout could come Sunday

By ASSOCIATED PRESS

NOVEMBER 28, 2010 02:46

An Irish government minister has said he expects an agreement within the next 24 hours on an EU-IMF bailout loan for Ireland worth approximately €85 billion ($115 billion), but he rejected reports that the aid could come with a punitively high interest rate.

Communications Minister Eamon Ryan said Saturday that all sides in the 10-day-old financial rescue talks in Dublin want at least "an outline agreement" before markets open Monday.

Ireland has been priced out of bond markets and needs a loan to fund its annual deficits and its cash-strapped banks. But many analysts doubt that the country will be able to afford the repayments on an international bailout unless the interest rates are low.

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