Ireland Gets a Hand from the EU

European Union Helps Ireland

While the U.S. economy has been suffering as of late, the country is definitely not alone in its misery. As the data indicates, the financial crisis is definitely one of a global concern. Ireland recently reached out to the European Union for help with its internal banking crisis. The EU has responded with approximately $89 Billion in loans to help the struggling country.

In addition to the loan itself, EU leaders also enhanced some of the terms of the loans for Ireland. The country will have until 2015 (one extra year) to get its annual deficit numbers in line with the EU tolerances. For Ireland this means brining its deficit to 3% of its GDP a long way from its current all time high of 32%.

Perhaps in an effort to play fair, the EU is also considering a modification to the terms of the loans previously given to Greece to assist with its economic crisis. Greece had earlier this year received some $146 Billion from the EU, and the EU may be giving them more time as well.