Irish bankers preparing for the biggest wave of foreclosures in the nation’s history are struggling with how to dispose of the homes as the central bank pressures them to go after owners of investment properties.
Ireland’s government and leaders of its largest labor unions backed pay cuts for public-sector workers aimed at shaving 1 billion euros ($1.3 billion) off spending to rein in one of the euro area’s largest deficits.
Following are comments about Ireland’s 85 billion-euro ($113 billion) emergency-aid package from the European Union and the International Monetary Fund. The three-year package, aimed at propping up the country’s battered banking industry and to help service its sovereign debts, will require Ireland to repay the money at an average interest rate of 5.8 percent.
The Irish Congress of Trade Unions, a workers umbrella organization, is marching in Dublin today against a 15 billion-euro ($20 billion) austerity package aimed at cutting the government’s budget deficit.