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The waiting is almost over in Ireland. The country's finance minister took to the airwaves to announce that he would recommend that Ireland seek a bailout from international lenders.
[RTE Reporter]:
"It is five past one, you are listening to this week on RTE Radio one and now Finance Minister Brian Lenihan joins us in studio. Are we about to formally apply for an EU/IMF loan?
[Brian Lenihan, Irish Finance Minister]:
"Well as you know last Tuesday, the government agreed with our EU partners that the government would have an intensive focused consultation about the difficulties in the Irish banking sector and the difficulties in financing the Irish state. Those discussions concluded yesterday evening. I reviewed the discussion with my own officials, I met the representative of the different international organizations involved and there will be a meeting of the government this afternoon and I will be proposing to my colleagues that we should formally apply for a program."
The finance minister also said the amount of the loan would not be a quote "three figure sum," knocking down a report Sunday that suggested Ireland would need as much as 120 billion euros.
Sources told Reuters that Ireland may need 45-90 billion euros, depending on whether it needs help only for its banks or to cover general government spending as well.
As well as a bank plan, the government is expected to unveil details next week of a four-year austerity plan to save 15 billion euros. Local media say the package will include new property taxes and cuts to the minimum wage and child benefits.
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