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Home News Spain: Irish bailout will stabilise the euro

Spain: Irish bailout will stabilise the euro

Published on 22/11/2010

Spain's foreign minister, whose country is considered at risk in Europe's debt crisis, said Monday the decision by Ireland to accept a bailout would stabilise the euro.

Foreign Minister Trinidad Jimenez welcomed the decision by the European Union to come to the aid of Ireland as “good news” and said the exact amount of the bailout would be settled in “the coming days.”

“The euro will stabilise thanks to the help of all European Union nations,” she told reporters as she arrived for a regular monthly meeting of EU foreign ministers in Brussels.

For its part, Spain was “achieving all the objectives” necessary to fix its own fiscal problems, she said when asked whether Madrid could follow Ireland’s footsteps an ask for a rescue.

Dublin agreed on Sunday to ask the EU and IMF for a bailout estimated at up to 90 billion euros (123 billion dollars) to stabilise its debt-stricken banking system and restore its strained public finances.