The drama deepens.
There is a very good account of the 'Stabilisation Fund' and its dodgy legal basis written by Karl Whelan here - The Irish Economy Blog Archive European Stabilisation Mechanism Announced
The pressure is telling as Schaueble is rushed to hospital.Originally Posted by Karl Whelan
BBC News - EU finance ministers debate 'stabilisation fund'
This has delayed the press conference at which we are to be told what has been agreed.
Whelan notes that if they use the same formula to calculate each member State's payment as they have used previously, Ireland will be required to pay more than €4000 million.
Anyone remember the excitement in Albert Reynolds' time over the five billion we were to get in structural funds? It bought a Constitutional amendment.
Looks like we may get to give it back soon.