Wall Street Journal
May 20, 2011
The European Union needs to devise a whole new "comprehensive plan," including boosting the scale of aid, if it is to solve the debt crisis facing Ireland and other countries using the euro, the International Monetary Fund said Friday.
Reviewing progress on Ireland's aid program, the IMF's staff report went much further than focusing on the country's bailout program and recommended the EU to make available a much wider aid program at affordable costs to all troubled nations if it is to resolve the euro debt crisis.
It also recommended the EU adopt a big program of stress tests of its banks and close some lenders if necessary.
And in a stark warning, the IMF said continuing bond market uncertainty is not only affecting countries like Ireland, Greece and Portugal, but threatens "spill overs and creates downside risks" to the broader euro area.
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