UPDATE: EU approves $113 billion bailout for Ireland

From left, Luxembourg's Finance Minister Jean Claude Juncker, Belgian Finance Minister Didier Reynders and French Finance Minister Christine Lagarde speak during a round table meeting of EU finance ministers at the EU Council building in Brussels on Sunday, Nov. 28, 2010. Finance ministers from the eurozone and the EU met in Brussels Sunday to agree on a financial aid package for Ireland.
From left, Luxembourg's Finance Minister Jean Claude Juncker, Belgian Finance Minister Didier Reynders and French Finance Minister Christine Lagarde speak during a round table meeting of EU finance ministers at the EU Council building in Brussels on Sunday, Nov. 28, 2010. Finance ministers from the eurozone and the EU met in Brussels Sunday to agree on a financial aid package for Ireland.

EU governments have approved an 85 billion ($113 billion) bailout deal for Ireland.

A statement from the Irish government said Sunday that the International Monetary Fund, the 16 eurozone nations and the European Commission will be involved. Britain, Sweden and Denmark will offer bilateral loans.

The statement says the average interest rate Ireland will pay is 5.8 percent. This total reflects higher rates to be charged by EU sources, and lower rates from IMF and national donors.

Greece is paying 5.2 percent interest on its own bailout from May. Ireland’s aid package includes loans that range from 3 to 7 1/2 years, longer than the Greeks’ three-year deal.

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