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Irish government deny IMF assistance will be required

The Irish government has today suggested that despite rumours of assistance from the International Monetary Fund (IMF) the Irish economy is strong enough to survive without outside help. Despite being one of the more prosperous economies around the world, enjoying growth of up to 9% a year during the 1990s, the Irish authorities have been fighting a losing battle to keep the economy on an even keel of late. The recent banking crisis caused significant unrest amongst investment markets and resulted in significant taxpayer funding to try and support the system.

The Irish economy has been compared to that of Iceland which recently collapsed amid a banking crisis and was eventually bailed out by the International Monetary Fund. Even though comparisons with Iceland may be a little premature the indications are that the Irish economy will shrink by 6.5% this year and unemployment will be fast approaching 10% by the turn of the year. While it seems inevitable that the government will need outside assistance at some stage they are furiously denying reports of an imminent third party bailout.

It has also been reported that Irish representatives are in London this week for meetings with Gordon Brown where the health and strength of the Irish economy will no doubt be up for discussion.

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