{
  "title": "Press Release: Joint Statement on Ireland by EU Commissioner Olli Rehn and IMF Managing Director Dominique Strauss-Kahn",
  "publication": "IMF News, November 28, 2010",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10461",
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  "summary": "“We strongly support the economic program announced today by Ireland.”",
  "publishDate": "2010-11-28",
  "sections": [
    {
      "heading": "Overall assessment and support",
      "content": "- “We strongly support the economic program announced today by Ireland.”\n- The program is characterized as “a forceful response to vulnerabilities in the banking system imposing a heavy cost on the budget and, in turn, hurting the prospects for growth.”\n- It “articulates a clear strategy for tackling today’s problems and for harnessing the enormous growth potential of this open and dynamic economy.”"
    },
    {
      "heading": "Banking-sector measures",
      "content": "- Objective: “create a smaller banking sector that is robust and well capitalized, and able to serve the needs of Ireland’s economy.”\n- Key elements described:\n  - Reorganize the banking sector while deleveraging the banks.\n  - Inject fresh capital into the banks.\n  - Strengthen regulation and supervision “to prevent a repeat of the costly mistakes of the past.”\n- Result sought: “a smaller banking sector that is robust and well capitalized.”"
    },
    {
      "heading": "Fiscal framework and social protection",
      "content": "- The program provides “a road map for sound public finances by setting strong, upfront actions in a multi-year framework.”\n- Fiscal stance: spells out both spending and revenue efforts over several years “to repair the budget position, with due regard for Ireland's system of strong social protection.”"
    },
    {
      "heading": "Implementation and expected outcomes",
      "content": "- Implementation requirement: “Swift and sustained implementation of this program” and “carrying out this plan calls for a sustained effort by the government and people of Ireland.”\n- Expected outcome: “stable, job-creating growth.”"
    },
    {
      "heading": "International financing package and buffers",
      "content": "- International support: “The EC and bilateral lenders—together with the international community through the IMF—will offer financing that will be complemented by the Irish authorities so as to amount to €85 billion.”\n- Purpose: “By shielding Ireland from the need to go to the markets for a considerable period of time, this support places financing at Ireland's disposal on more favorable terms than it could obtain elsewhere for the foreseeable future.”\n- Banking funding assurance: includes “the buffer of €17.5 billion from the nation’s cash reserves and other liquid assets.”\n\nPress Release: Joint Statement on Ireland by EU Commissioner Olli Rehn and IMF Managing Director Dominique Strauss-Kahn; November 28, 2010.\n\n---\n\n\n References\n\n- Ireland and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10461"
    }
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    "Published: November 28, 2010",
    "“We strongly support the economic program announced today by Ireland.”",
    "The program is characterized as “a forceful response to vulnerabilities in the banking system imposing a heavy cost on the budget and, in turn, hurting the prospects for growth.”",
    "It “articulates a clear strategy for tackling today’s problems and for harnessing the enormous growth potential of this open and dynamic economy.”",
    "Objective: “create a smaller banking sector that is robust and well capitalized, and able to serve the needs of Ireland’s economy.”",
    "Key elements described:",
    "Result sought: “a smaller banking sector that is robust and well capitalized.”",
    "The program provides “a road map for sound public finances by setting strong, upfront actions in a multi-year framework.”",
    "Fiscal stance: spells out both spending and revenue efforts over several years “to repair the budget position, with due regard for Ireland's system of strong social protection.”",
    "Implementation requirement: “Swift and sustained implementation of this program” and “carrying out this plan calls for a sustained effort by the government and people of Ireland.”",
    "Expected outcome: “stable, job-creating growth.”",
    "International support: “The EC and bilateral lenders—together with the international community through the IMF—will offer financing that will be complemented by the Irish authorities so as to amount to €85 billion.”",
    "Purpose: “By shielding Ireland from the need to go to the markets for a considerable period of time, this support places financing at Ireland's disposal on more favorable terms than it could obtain elsewhere for the foreseeable future.”",
    "Banking funding assurance: includes “the buffer of €17.5 billion from the nation’s cash reserves and other liquid assets.”",
    "[Ireland and the IMF](http://www.imf.org/external/country/IRL/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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