That’s like bailing out the entire US national debt. If this happens in all the PIIGS countries, Europe is in REALLY deep doo-doo.
According to MarketWatch:
The International Monetary Fund, European Union and European Central Bank are preparing a 120-billion-euro ($164 billion) bailout of Ireland, requiring the country to raise taxes and nationalize more banks, the Sunday Times of London reported.
The plan, which would exceed the 110-billion-euro bailout created for Greece, could be unveiled as early as Monday morning, the paper reported.
Ireland’s cabinet is meeting in an emergency session this weekend to complete a four-year budget, the paper reported. The budget is also set for release this week, the Sunday Times reported.
A property tax of 500 euros a house plus more public-sector cuts are expected to be part of the plan, the paper said.
A team that is figuring out how to restructure Ireland’s banks is also developing a proposal for a wealth tax on the country’s richest citizens, the Sunday Times reported.
France and Germany are pressuring Ireland to raise its 12.5% corporate-tax rate, the paper reported.
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