Tag: emergency
Portugal succeeds in raising £1 billion in bond sale
Portugal has today raised £1 billion via the sale of bonds, although analysts say this does not mark the end of the country’s problems. Portugal was successful in borrowing €1.25 billion via a bond auction but fears remain that the debt-ridden country may still require an emergency bailout from the EU – something which Prime [...]
Portugal under scrutiny as bailout pressure increases
There is speculation that Portugal is, once again, under pressure to seek a bailout in order to prevent the euro zone debt crisis spreading further. The country’s borrowing costs continue to surge – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. However, Portugal continues to deny [...]
Moody’s lowers ratings on five Irish banks
Moody’s Investors Service has today downgraded the ratings on five Irish banks – Allied Irish Banks, Bank of Ireland, EBS Building Society, Irish Life and Permanent and Irish Nationwide Building Society. The downgrade came after Moody’s last week slashed Ireland’s credit rating by five notches to Baa1, from Aa2 – citing ongoing uncertainties over the [...]
Irish bailout brings political uncertainty
The emergency bailout for Ireland has resulted in political uncertainty after the Green Party (a partner in the Government) called for a general election. The Green Party’s leader, John Gormley, said: “We have now reached a point where the Irish people need political certainty to take them beyond the coming two months. “So, we believe [...]
Ireland in €90bn bailout
Ireland’s Prime Minister, Brian Cowen, announced last night that his Government has made a formal request for an emergency bailout. In the euro zone’s second emergency rescue this year, Ireland will receive between €80 and €90 billion but the country’s finance minister, Brian Lenihan, said a precise figure has not been determined. The loan will [...]
Ireland in emergency talks as bailout looms
Irish finance minister, Brian Lenihan, has today said the country is preparing to make a formal request for an emergency bailout. The exact amount of the loan, which will come from the EU rescue fund, which was established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year, was [...]
Ireland looks to banks for bailout
There is speculation that Ireland is looking to its banks for emergency funding – the Irish Independent reported on Monday. The report comes as Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek [...]
Brits saving amid economic and unemployment uncertainty
A study by National Savings & Investments (NS&I) has revealed that Britons are topping up their savings on a regular basis, amid fears about rising unemployment and uncertainty surrounding the economy. Government-backed NS&I, which runs Premium Bonds and a variety of savings products, said over half of Britons are regularly setting money aside. Britons are [...]
Government borrowing hits £16bn in May
The Office for National Statistics (ONS) has today revealed the UK Government borrowed £16 billion in May. However, the figure was lower than the £18 billion expected and was 8% less than the figure in May 2009. Overall, Government debt stands at £903 billion – the equivalent to 62.2% of GDP – the highest ever. [...]
Estonia hopes to become 17th country to join euro zone
The European Commission today gave the Baltic republic of Estonia the go ahead to adopt the euro on 1 January 2011. The announcement comes at a time when many nations in the euro zone are implementing tough austerity measures in order to cut their budget deficits. A €500 billion (£433 billion) emergency rescue package was [...]
Hopes for Greece as details of rescue plan outlined
There are hopes for Greece today after leaders of the euro zone nations have agreed to provide emergency loans to the debt-ridden country. However, Luxembourg Prime Minister Jean-Claude Juncker, speaking for euro zone finance ministers, said that the euro zone countries had not decided to activate the loans, as this would depend on a decision [...]
Ireland’s emergency budget unveiled
Ireland’s Government has now unveiled details of its second budget as the country’s budget deficit spirals out of control. Finance Minister, Brian Lenihan, said the country faces a “very grave national crisis” after the country’s deficit nears 13% of GDP – quadruple the level allowed by the European Union. The emergency budget includes a hefty [...]
Ireland set to announce emergency budget
Ireland’s Government is set to announce its second budget in six months today as the country faces a “very grave national crisis”, according to Finance Minister, Brian Lenihan. The Irish Republic’s deficit is nearing 13% of GDP – quadruple the level allowed by the European Union. The country has been hit by a raft of [...]
HSBC turns down financial support from Government
Banking giant HSBC has rejected the Government’s offer of emergency funding. The UK’s largest banking group said it had not sought capital support from the UK Government and cannot envisage circumstances where such action would be necessary. Unlike other banks, HSBC has been relatively unaffected by the credit crisis due to its focus on emerging [...]
Bank of America receive $20bn cash injection
Emergency funding of $20 billion (£13.4 billion) has been provided to Bank of America after it shares plummeted 17.5% yesterday amid speculation that the bank might be nationalised. In return for the cash injection, the bank must adhere to strict restrictions on senior management pay. Bank of America has been one of the strongest in [...]
