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BRUSSELS, Nov. 21 (Xinhua) -- European Union finance ministers on Sunday welcomed Ireland's request for financial assistance from the EU and eurozone member states, saying "providing assistance to Ireland is warranted to safeguard financial stability in the EU and in the euro area."
According to the ministers, the financial assistance package to the Irish state should be financed from the European financial stabilization mechanism (EFSM) and the European financial stability facility (EFSF), possibly supplemented by bilateral loans to be negotiated by EU member states.
Britain and Sweden indicated on Sunday that they stand ready to consider a bilateral loan.
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| Photo taken on Nov. 21, 2010 shows the flag of the European Union (R) and the Irish national flag on the top of the Government Buildings, in Dublin, Ireland, Nov. 21, 2010. |
The support will be provided under a "strong policy program" which will be negotiated with the Irish authorities by the European Commission and the International Monetary Fund (IMF), in liaison with the European Central Bank (ECB), a statement said.
"The program will address the fiscal challenges of the Irish economy in a decisive manner," the statement said.
"It will build on the fiscal adjustment and structural reforms that will be put forward by the Irish authorities in their Four- Year Budgetary Strategy next week," it added.
The Irish government earlier estimated that the total cost of rescuing Ireland's banking sector may run as high as 50 billion euros (about 68 billion U.S. dollars), which will push the country 's budget deficit in 2010 to 32 percent of gross domestic product (GDP) from the previously estimated 11 percent.
