Anglo Irish Bank Faces €34 Billion Capital Redraft Budget

Anglo Irish Bank Faces €34 Billion Capital Redraft Budget

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Asia Bizz: Anglo Irish Bank Faces €34 Billion Capital Redraft Budget

In a massive bailout, Ireland has to pump €34 billion in the stricken Anglo Irish Bank, which is considered to be the worst case scenario, and has forced the government to promise a new four year budget by Thursday. The finance minister of Ireland has stated that there will be a need of massive efforts to bring the deficit in the country below 3% of the GDP before or by 2014.

Almost all the Irish banks and building societies in the country are in need of money, to re-stabilize their functionality. As per the updated the data and the required financial figures, the Anglo Irish bill was expected to be 29 billion euros but an additional 3 billion euros will be needed by the end of this year.

In this whole scenario the government will be playing a very important part, so as to even look at the nations dwindling economy. Pumping almost €34 billion in these banks is the only solution for the moment to bring the whole banking system back on track, so that the deficit can be wiped out.