Brussels, 05/09/2011 (Agence Europe) - On 2 September, the Council of the European Union authorised the payment of a new batch of aid for Ireland and Portugal from the eurozone's bailout fund, following the positive assessments of the two countries' economies by the European Commission, the ECB and the IMF after a fact-finding mission in Ireland in July (see EUROPE 10419) and Portugal in August (see EUROPE 10437).
The EFSF will provide Ireland with €5.5 billion in total, €2.5bn by the end of the month and a further €3bn in October. In addition, Ireland will be receiving €1.5bn from the International Monetary Fund and €500 million from the United Kingdom. International financial aid to the country will total €67.5bn over three years.
The EFSF bailout fund will borrow the cash to be lent on to Portugal from the money markets, namely €7.6bn, after borrowing money in May this year to provide the country with a €1.75bn loan over 10 years and €4.75bn over five years (see EUROPE 10386 and 10387). The IMF will provide Portugal with €3.9bn. International financial aid to the country will total €78bn over three years. (M.B./transl.fl)