U.S. Treasury welcomes aid package for Ireland

WASHINGTON Nov 28 (Reuters) - The U.S. Treasury Department on Sunday welcomed announcement of a bailout package for Ireland and said the Obama administration will work with European authorities to strengthen a global recovery.

"We welcome the announcement today of financial support and the Irish government's resolute commitment to implement ambitious measures," Treasury said in a statement.
"We will continue to work with our colleagues in Europe to strengthen market stability and the global recovery," Treasury added.

Earlier, the International Monetary Fund and the European Union announced an 85 billion-euro ($115 billion) loan package for Ireland that is intended to recapitalize banks whose balance sheets were ruined when property prices crashed, and fund a huge government deficit.
It requires a four-year program of tax increases and spending cuts.

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