FX.co ★ EU – in for a penny, in for a pound

The Irish Minister for Finance, following in the footsteps of his Greek colleague, intends to find an alternative method to cover budget gaps. Chasing the latest trends in the world of finance, Michael Noonan requested a precautionary line of credit from the EU and IMF. Ireland lacks, according to the official, 10 million euros – the figure equates roughly to the country’s annual budget deficit. Michael Noonan pledges that all the money to the last eurocent will be transferred to the special fund. The “safety net” will be used only in the event of some unforeseen crisis. The Minister believes that financial aid will be struck without any new conditions being attached to it. Moreover, the other day the local media reported that Chairman of the eurozone's finance ministers Jeroen Dijsselbloem highlighted that Dublin would get support while withdrawing from bailout program. The contract expires at the end of 2013. If everything goes right, Ireland will be the first European nation to exit a rescue scheme. In 2010 this country was credited a 85 billion euro aid to support the banking system. However, taking into account the current state of economy and production as well as sharp increase in demand for Irish whiskey, the crisis does not pose a threat anymore.