Thursday, October 2, 2008

EU anger over Irish bailout solo run

The Government's decision to guarantee the debts and deposits of the country's six largest banks drew a thinly-veiled attack from the Brussels Commission today.

The bailout plan was hatched and announced without consultation with the EU's competition authorities who will have to approve the deal.

And today, as EU Competition Commissioner Neelie Kroes still awaited formal notification from Dublin, she pointedly praised British government cooperation with Brussels over the Bradford &Bingley bailout and made clear her displeasure that Ireland had set up bank rescue plans without consultation.

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