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Ireland got a good bail-out deal
Business digest: Ajai Chopra says Irish would not have got such good terms elsewhere
The head of the IMF's mission in Ireland Ajai Chopra has defended the €85bn bailout package after its terms were criticised for being too punitive.
Speaking on Irish radio show Morning Ireland Chopra said the 5.8 per cent interest rate actually lowered the amount that Ireland will need to borrow and was better than the country would have got on world markets.
When asked about what would happen when the government changes after a general election, Chopra said the IMF would cooperate with any government that comes into power.
The IMF head said that the fund did not propose a reduction of the minimum wage, although he did call for more people to get jobs.
Central Bank Governor Patrick Honohan said that the €85bn EU/IMF rescue package will make it possible to rapidly downsize Irish banks and set them on the path to a stable future.
Read a full report at RTE. ·
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Well if "The Chopper" says it then it must be true. The Irish people should have been allowed an election before this deal and the impending budget. Now we'll have a deal done by one party and the country run by another. I fear that it will all end in tears.