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EU OKs $115B Irish bailout

The European Union approved a $115 billion rescue for Ireland yesterday, an EU source said, and was set to announce outlines of a permanent system to try to resolve Europe’s spreading debt crisis.

BRUSSELS – The European Union approved a $115 billion rescue for Ireland yesterday, an EU source said, and was set to announce outlines of a permanent system to try to resolve Europe’s spreading debt crisis.

Finance ministers from the 16-nation euro zone, anxious to prevent financial market contagion from engulfing Portugal and Spain, endorsed an emergency loan package to help Dublin cover bad bank debts and bridge a huge budget deficit.

 
 
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