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IMF to Approve Irish Bailout in December-IMF Chief

Sunday, 28 Nov 2010 05:16 PM

WASHINGTON (Reuters) - IMF chief Dominique Struass-Kahn confirmed Sunday that the Fund will contribute 22.5 billion euros to Ireland's bailout, and said it is likely to be approved by the IMF board in December.

"The strategy for the financial system rests on twin pillars: deleveraging and reorganization; and ample capitalization," Strauss-Kahn said in a statement. "A fundamental downsizing and reorganization to restore the viability of the system will commence immediately."

(Reporting by Lesley Wroughton, editing by Philip Barbara)

© 2015 Thomson/Reuters. All rights reserved.

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