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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Irish parliament narrowly backs massive bailout AFP - Thursday, December 16 Send IM Story Print Irish parliament narrowly backs massive bailout DUBLIN (AFP) - – Ireland's parliament voted narrowly in favour of an 85-billion-euro bailout by the EU and IMF on Wednesday, as fears about possible contagion from the eurozone debt crisis intensified. The Dail, or lower house of parliament, voted by 81 to 75 to approve the bailout worth 113 billion dollars after Finance Minister Brian Lenihan said it was the only basis for recovery of the battered Irish economy. Opinion polls indicate that Prime Minister Brian Cowen's party, Fianna Fail, will receive a drubbing in a general election that is expected early in the New Year. Ireland's international bailout, just seven months after a similar rescue of Greece, came amid heightened tensions over the eurozone debt crisis. Moody's rating agency shocked financial markets on Wednesday as it placed Spain on review for a possible downgrade, blaming the nation's stretched finances and banking problems. European Union leaders will hold a crucial summit on Thursday and Friday in Brussels where they will try to hammer out proposals for a permanent rescue mechanism for debt-ridden nations. The Irish vote meanwhile paves the way for the IMF to approve the bailout, after EU finance ministers had formally adopted the plan earlier this month. Speaking ahead of Wednesday's vote, Lenihan told Irish lawmakers: "This programme provides the funding and the support for the necessary reforms we need to take so as to ensure our future economic recovery. "It is the only realistic basis for our path to recovery," he added in a two-hour debate on the memorandum of understanding with the European Union and the International Monetary Fund. The rescue deal for debt-plagued Ireland comprises 67.5 billion euros in external loans and guarantees from the EU and IMF, with another 17.5 billion euros from the Irish government. Lenihan dismissed suggestions by opposition parties that major parts of the bailout package, such as the 5.8 percent interest rate, could be re-negotiated by a new government after a general election next year. The minister said he was "mystified" how any party could oppose the bailout deal. "The suggestion that the opposition could negotiate a better interest rate from the IMF is, frankly, laughable. This is a standard calculation and it is completely misleading to suggest it could be re-negotiated," he said. Ireland, rocked by bank bailouts, a property market meltdown and recession-ravaged tax revenues, unveiled plans last month to slash a huge deficit and save 15 billion euros by 2014 in order to secure the bailout. Enda Kenny, head of the main opposition Fine Gael, said he recognised that external credit lines from the EU-IMF were needed until the next government delivers policies needed to restore confidence in Ireland's public finances. "The government's so-called recovery plan which underpins the current EU-IMF rescue package shows that it had learned absolutely nothing from the crisis of the last two years," said Kenny, widely tipped to head the next government. Labour leader Eamon Gilmore said Prime Minister Cowen's party had "bankrupted the country" and had been "reduced to going cap in hand to the lender of last resort." Recommend Send IM Story Print News Search Top Stories Stem cell transplant 'cures' HIV: study US sues BP, eight others over Gulf oil spill Suicide bomber kills 33 at Iran procession Russian rocket with three crew blasts off into space Tame US inflation backs Fed spending plan More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Record profits forecast for airline industry Ho, ho, crunch: Santa's a crash risk, say doctors Bernard Madoff will not attend son's funeral: lawyer Dow reaches two year high as US stocks hold gains Scarlett Johansson, Ryan Reynolds call it quits More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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