10 Billion Euro for Irish Banks

by Trader Rich

Ireland falls in line with European Union stimulus planThe European Union is likely to pass its own economic stimulus plan, and this is causing some optimism for the euro zone economy. As the EU prepares for stimulus, other countries in the Union are announcing their own plans.

One of those countries is Ireland. Irish banks are about to get an infusion of capital — 10 billion euro worth. The idea is to buy shares in Irish banks in an effort to recapitalize and help shore up the economy. The Financial Times reports on what Ireland’s government had to say about the stimulus plan:

"Any state investment will be undertaken in line with best practice in the EU and elsewhere and consistent with EU rules and, in particular, the recent European Commission communication on recapitalisation," the statement said.