Update: Speech basically over. The gist: a bailout has been applied for, and will be received. The total facility will be sub-100 billion EUR, but no details have been specifically made available. Those will be hammered out in the next few weeks.
Up next for Ireland is a specific plan to reduce government expenditures, and to dismantle the over-large banking sector
Irish PM Brian Cowen is speaking live on the bailout. Click here for updates.
3:28: Cowen: I can confirm that the government has applied for a bailout…
3:29: Still no details, and they may take weeks. Plan will involve reduced deficits and significantly smaller banks.
3:30: Corporation tax is not on the table.
3:32: Cowen thanks the rest of Europe.
3:33: FinMin Brian Lenihan: Eurogroup welcomed request for bailout. UK and Sweden have interested likel assistance.
Q: Can you confirm 3-year funding program at sub-100 billion EUR?
Lenihan: Figure will not reach 100 billion EUR.
Q: Can you confirm a 3-year program and can you confirm the bank/public breakdown?
Lenihan: Yes, it is overall 3-years. As for breakdown, you can confirm the public’s gap is 19 billion EUR.
Q: Do you feel humiliated or ashamed?
Cowen: Well, the market is weird these days. We’ve been making adjustments. In relation to my own position, I’ve made it very clear this government will not be distracted and remains focused on completing a four-year plan.
Q: Are you compromising sovereignty?
Cowen: As you know, a small open economy like ours doesn’t have the luxury to make decisions without awareness of the broader world.
Q: Lots of questions on Cowen’s future as PM.
Cowen: No real answer.
Question: How much specific debt will Ireland have? Very heated question about details.
Cowen: Details are being hammered out…
Question: Don’t you owe it to your country, as a patriot, to resign?
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