Wednesday, 24 November 2010

Irish Run On

Run on the banks prompted Irish rescue deal

IMF to pump in $110 billion to Irish economy

Fears of a run on the banks caused the weekend bailout of the Irish economy after massive sums were withdrawn in recent weeks.

The New York Times reported that the action taken this weekend of an expected $110 billion dollar package was “prompted by fears of a bank run when the markets opened on Monday morning.”