IMF Warns Europe Over Irish Bailout

Says European leaders must follow through on commitments made to help Ireland finance its debts


The International Monetary Fund Wednesday gave a stark warning that Europe must deliver on "commitments" it made to help Ireland finance its huge bank-rescue debts, if the country is to emerge from its bailout program on schedule at the end of next year.

Ireland has to date met its bailout targets, but the euro-zone authorities have so far failed to detail ways Ireland might refinance legacy bank-related debts through theEuropean Stability Mechanism, the area's rescue fund, and whether the country will qualify for the European Central Bank's so-called Outright Monetary Transactions program, the bond-buying plan for troubled euro nations, the IMF said in a staff report.