"When asked whether Britain's contribution to the Irish bailout was worth around £7bn, Osborne said: "It's around that [figure], it's in the order of billions, not tens of billions."
He added: "The details of the entire package, not just the UK contribution but the eurozone and IMF contribution, is all being worked out as we speak and we should, by the end of the month, have the details on that."
The rate of interest and other terms on a UK bilateral loan would be similar to the conditions of the international package, Osborne said".
Julia Kollewe Monday 22 November 2010 11.05 GMT.
The 'terms' demanded by international lenders the EU, IMF and ECB were austerity. In Osborne's words 'UK's bilateral loan would be similar to the conditions of the international package', demand Ireland to follow the path of austerity.
You have deliberately adjusted the wording of that article and put across an untrue view....the complete article is here...
George Osborne confirmed this morning that Britain would provide around £7bn to support Ireland as part of the international rescue package requested last night.
His comments came as a British thinktank said UK taxpayers should not "cough up" £7bn to help bail out the Irish economy, and eurosceptic Conservative MPs also voiced their opposition.
To placate eurosceptic critics, the chancellor insisted that Britain would not be part of a permanent bailout mechanism for eurozone countries.
"What we have committed to do is to obviously be partners as shareholders in the IMF in an international rescue of the Irish economy," Osborne told BBC Radio 4's Today programme. "But we have also made a commitment to consider a bilateral loan that reflects the fact we are not part of the euro… but Ireland is our very closest economic neighbour."
The Irish government dropped its resistance to a bailout yesterday, confirming it was seeking rescue funds. Talks are under way to work out details of the package – which could be worth €90bn (£77bn) – with the EU and the International Monetary Fund. Ireland's finance minister, Brian Lenihan, insisted last night that the country's low 12.5% corporation tax rate, which he previously described as an "absolute red line," was "off the agenda now".
"Everyone realises that the Irish economy has to grow to get out of its difficulties," he said this morning.
There is concern that Portugal will be the next country to feel the heat. It is bracing itself for the biggest ever strike on Wednesday.
When asked whether Britain's contribution to the Irish bailout was worth around £7bn, Osborne said: "It's around that [figure], it's in the order of billions, not tens of billions."
He added: "The details of the entire package, not just the UK contribution but the eurozone and IMF contribution, is all being worked out as we speak and we should, by the end of the month, have the details on that."
The rate of interest and other terms on a UK bilateral loan would be similar to the conditions of the international package, Osborne said.
He defended the decision to support a member of the eurozone, saying: "'I told you so' is not much of an economic policy", adding: "It's in everyone's interest that we make the euro work." He also argued that Britain could afford to ride to Ireland's rescue now, having "moved out of the danger zone" thanks to drastic spending cuts designed to reduce Britain's own record deficit.
At the same time, Osborne reiterated that Britain should not have to provide further help to Ireland or any other eurozone countries that got into difficulties. He stressed that Britain's consideration of a bilateral loan for Ireland reflects the fact that "we don't want to be part of a permanent bailout mechanism for the euro".
The Adam Smith Institute strongly opposed the UK's commitment. Sam Bowman, head of research at the thinktank, said: "The proposed bailout for Ireland is a bad deal for the UK. It puts the interests of the European Union and the eurozone before the interests of Ireland and the British government should have no part in paying for it.
"Asking the British taxpayer to cough up £7bn shows just how audacious the European Union has become in its desperation to keep the eurozone project afloat. The UK successfully avoided entering the eurozone. Ireland was not so lucky, but it entered in full knowledge of the risks involved.
"Bailing out Ireland now would undo much of the benefits that Britain has yielded from keeping the pound and would make a mockery of the spending cuts announced by the coalition last month. In the end, Ireland will have to choose its own path out of this crisis. But the British taxpayer should not be held responsible for past mistakes by Irish politicians."
Eurosceptic Tories were also angered by Britain's participation in the bailout. The Conservative MP for Clacton, Douglas Carswell, told the BBC: "We shouldn't be paying to help keep Ireland in the euro. If we are going to pay to solve this crisis we should be helping to pay Ireland to quit the euro. Ireland's misery is only going to end when it has its own currency again. At a time of austerity, again we are paying vast sums to the European Union."
You may well have an agenda either against Brexit, Osborne, or the UK in general, but don't twist the words to suit the chip on your shoulder. If you have anything that shows that the UK demanded austerity from Ireland then show it, otherwise an apology wouldn't go amiss........
