Swedish Finance Minister Anders Borg
international

Sweden will give 600 million euro to Ireland

The EU and the International Monetary Fund have agreed on a bail-out package worth over US$110 billion to save the Irish economy. As a non-euro zone country, Sweden will provide some US$800 million, as part of a multilateral loan with the U.K. and Denmark.

Minister of Finance Anders Borg said that it is in Sweden’s best interest to help Ireland out of the crisis.

“When the neighbour’s house is on fire we should all help to put it out so it won’t spread,” he told Swedish Radio News. “We are a small country that is very dependant on the outside world so it is in our best interest to contribute.”

Borg pointed out that this is not a gift to Ireland abut a loan and added that he is happy with the comparatively high interest rate of 5.8 percent and said that the risk for the tax payers is relatively low.

At least 35 billion euro have been earmarked to save Ireland’s troubled bank sector and the interest will be 5.8 percent, business newspaper Dagens Industri reports.  

Most of the money, 45 billion euro, comes from other European countries, 22.5 billion euro come from the IMF and 17.5 billion will be taken from Ireland’s national pensions fund and other cash reserves.

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