The Irish Bailout

Ajai Chopra, the head of the International Monetary Fund's mission in Ireland, has been forced to defend the terms of the Euro 85BN bailout agreed with Ireland over the weekend.

Ireland will be paying 5.8% interest on the loan which, according to the IMF, is a better deal than Ireland would have secured elsewhere.

The short term reaction of the markets has been cautiously positive. However, it is clear that the structural problems within the Eurozone remain. Until these issues are addressed, the pressure on the Euro and weaker members of the Eurozone will continue.

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