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Ireland 'Likely' To Take Massive Bailout Loan, Central Bank Chief Says

Governor of the Central Bank of Ireland Patrick Honohan
Ireland is likely to take a loan from the European Union and International Monetary Fund (IMF) that will run into 10 figures.

That's according to Irish Central Bank Governor Patrick Honohan, whose remarks come as experts from the EU, the European Central Bank, and the IMF are due to examine Ireland's accounting records amid concerns that it may need help to prevent its financial crisis from spreading to other eurozone countries.

Honohan said that although there were no precise figures yet, he expected Ireland to take "a very substantial loan" that would run into 10s of billions of dollars.

Irish leaders have said they would prefer not to receive a bailout because of restrictions that could be imposed on Ireland in exchange for the money.

The Irish government has been forced to take over a number of ailing banks, at the cost of raising the public deficit to 10 times the level allowed under EU rules.

The Irish crisis comes six months after Greece agreed a $150 billion bailout.

compiled from agency reports