Cowen confirms IMF assistance worth tens of billions

Brian Cowen confirmed last night that Ireland has asked the EU and International Monetary fund for assistance worth ‘tens of billions’.

The Taoiseach confirmed that he had asked for a figure, speculated to be between €80 billion and €90 billion, to stabilise the economy and banking sector.

“The European authorities have agreed to our request,” Cowen said, “a formal process of negotiation will now commence with the European Commission and the International Monetary Fund in liaison with the European Central Bank. I expect that agreement to be finalised shortly.

“Irish banks will become significantly smaller than they were in the past so that they can gradually be brought to stand on their own two feet once more. A small, open economy like Ireland did not have the luxury of taking decisions without reference to the wider world.”

The managing director of the IMF, Dominique Strauss-Kahn, confirmed in a statement last night: “An IMF team, currently in Ireland for technical talks, will now begin to hold swift discussions on an economic programme with the Irish authorities, the European Commission and the European Central Bank.”