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Ireland Puts Price on Anglo Irish; Deficit at 32% of GDP

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Ireland's central bank has put a 34 billion euro price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional 3 billion euros by the end of the year. The country's budget deficit will balloon to 32 percent of gross domestic product this year, but Ireland aims to cut it to the European Union-agreed 3 percent by 2014, the Finance Ministry said.

The government will announce later on Thursday plans to recapitalise Allied Irish Banks, the central bank said. Dublin already has a near 19 percent stake in the lender. "Today's announcements take the Irish banking system closer to a final resolution of its restructuring, which is a prerequisite for sustained economic recovery," Central Bank Governor Patrick Honohan said in statement.

Under its base case scenario, the central bank said the Anglo Irish bill was expected to be 29.3 billion euros.

Source: CNBC

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