ireland

Europe and IMF to Discuss Aid Package for Irish Banks

European and International Monetary Fund officials will meet in Dublin tomorrow to discuss the possibility of aid for Ireland%u2019s ailing banking sector. "If banking problems are too big for this small country to manage, Europe has made it clear they%u2019ll help," Irish Finance Minister Brian Lenihan said, according to Bloomberg News.

Ireland in Crisis Talks With EU Over Bailout

Ireland headed into a confrontation Tuesday with leaders of the European Union and other struggling members of the eurozone on whether to seek a financial bailout as jitters continued to disrupt the continent's financial markets.

Ireland in Talks With European Officials About 'Market Conditions'

Ireland is in talks with European officials about "market conditions" amid widespread speculation that the country will accept some form of bailout. "Ongoing contacts continue at official level with international colleagues in light of current market conditions," a Finance Ministry spokesman said in an email late yesterday, Bloomberg News reported.

Eurozone Growth Slows as Austerity Takes Its Toll

Economic growth in the eurozone slowed sharply in the third quarter as austerity measures aimed at cutting budget deficits dented the Continent's recovery. Meanwhile, a growing divergence in the economic performance of EU nations is likely to make it tough for the European Central Bank to set its monetary policy.

EU Will Support Ireland 'If Needed'

Jose Manuel Barroso, president of the European Commission, said the EU would support Ireland "if needed" as concerns grow about the country%u2019s public finances. Yields on Irish bonds have hit record highs, a sign investors are worried about the country%u2019s ability to meet all its debt obligations, BBC News said.

What the Stocks vs. Dollar Seesaw Is Saying Now

For a host of reasons, when the dollar spikes, stocks drop, and when the dollar falls, stocks soar. Right now, with dollar sentiment reaching maximum bearishness, contrarians are preparing for the next seesaw shift. If the dollar rises again, stocks could reverse.

Allied Irish Banks to Sell M&T Bank Stake for $2 Billion

Allied Irish Banks (AIB), the lender being taken over the Irish government, will raise roughly $2 billion by selling its 22.4% stake in M&T Bank Corp (MTB). The Dublin-based bank will offer 26.7 million notes for a price of $77.50 each, Bloomberg News said. The notes will be exchanged for shares in M&T by Nov. 15.

Fitch Downgrades Ireland

A day after Moody's Investors Service announced it was putting Ireland under review for a possible downgrade, Fitch Ratings lowered the country's credit grade to A from AA-. Fitch's downgrade was prompted by the government's announcement last week it is pledging more money -- as much as %u20AC50 billion -- to save Ireland's banks, in addition to uncertainty over the country's economic recovery.

Moody's Warns It May Cut Ireland's Credit Rating

Less than a week after downgrading Spain's credit rating, Moody's Investors Service warned it might cut Ireland's credit rating as well. Moody's said its decision to review Ireland's rating was prompted by the government's announcement last week that it was pledging more money -- as much as %u20AC50 billion -- to save the country's banks, as well as the weak economic recovery and rising borrowing costs.

Ireland Bank Bailout Could Cost $68 Billion

The Irish government is working to take majority control of one troubled lender, Allied Irish Banks (AIB), and to inject yet more cash into another, Anglo Irish Bank Corp. The moves could take the cost of Ireland%u2019s bank bailout to as much as 50 billion euros ($68 billion), according to Bloomberg News.

Irish Borrowing Costs Fall from Record High

Irish borrowing costs fell from a record high as concerns about the country%u2019s fiscal problems eased. Ireland sold a total of 1.5 billion euros ($2 billion) of bonds Tuesday, paying a yield of 6.02% on 8-year bonds and 4.77% on 4-year bonds, The Associated Press reported.

Wilbur Ross, Carlyle Will Buy Ireland's Education Savings Bank

Investor Wilbur Ross will buy Ireland%u2019s troubled Education Savings Bank as part of a consortium with private equity outfit Carlyle and Dublin-based Cardinal Group. The consortium will close the deal for the bank, which has about $15 billion in deposits, as soon as next week, Ross told CNBC.

Europe's Debt Crisis: Here We Go Again?

Europe's shakiest economies managed to ride out a sovereign debt crisis this spring with a lot of help from their more stable neighbors and the major central banks. But with global recovery faltering, the data coming out of Europe suggests we may soon see a replay of the debt default crisis.

Standard and Poor's Lowers Ireland Rating on Bank Bailout Costs

Standard & Poor's cut its credit ratings for Ireland on Tuesday, saying that the cost of supporting the country%u2019s ailing banking sector has risen. S&P lowered its long-term rating one notch to AA-minus, the fourth highest investment grade, Reuters reported. The outlook on the rating is negative.

Allied Irish Banks Posts First-Half Loss of 1.73 Billion Euros

Allied Irish Banks (AIB) announced a steep increase in first half losses on provisions for past-due property loans. The net loss in the first half of the year was 1.73 billion euros, compared with a loss of 786 million euros in the first half of 2009, The Wall Street Journal said. Operating income fell 24% to 2 billion euros, excluding 963 million euros in losses related to the National Asset Management Agency.

Were the European Bank Stress Tests Too Easy?

Banking regulators tested the soundness of 91 European banks this week to see if they could withstand a financial crisis, and only seven failed to pass muster. But some analysts say the tests may have been too easy, and wonder what would happen if a real "worst-case scenario" hit.

Moody's Downgrades Ireland's Credit Rating

Ireland had its credit rating cut lowered one notch by Moody%u2019s Investors Service on "a significant loss of financial strength." Moody%u2019s lowered the country%u2019s rating to Aa2 from Aa1. The outlook on the new rating is negative. The cost of bailing out the country%u2019s banks is increasing pressures on Ireland%u2019s public finances, Bloomberg News reported. The country%u2019s recession forced it to run a budget deficit of 14.3% of GDP in 2009. That%u2019s the widest deficit in the eurozone.

Moody's Cuts Portugal's Rating as Debt Soars

Portugal, one of the countries at the heart of the European debt crisis, had its bonds downgraded by Moody's Investors Services Tuesday. The ratings agency warned that the Lisbon government's financial strength will continue to weaken because of heavy indebtedness.

If the IMF Bails Out Europe, Who'll Bail Out the IMF?

The fund probably doesn't have the resources to bail out Greece, Portugal, Ireland and Spain. Which begs the question -- who rescues the IMF if it needs more stabilization funds to put out another fire? You guessed it: The U.S. is at the top of that list.