EU Commissioner and IMF chief issue statement on Irish package

Mr. Olli Rehn, European Union Commissioner, and Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued their joint statement on the €85 billion funding for Ireland today.  The joint statement mentions a “smaller banking sector that is robust and well capitalized” and “a road map for sound public finances by setting strong, upfront actions in a multi-year framework”.  The statement also states that the programme articulates a clear strategy for “harnessing the enormous growth potential of this open and dynamic economy”. 

But these are mere words and a painful adjustment process now needs to be implemented.