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Standard Bank: Ireland may exit euro region in 2010

Ireland is among countries in an "intolerable" economic situation that may lead to bailouts and exits from the euro region before the end of 2010, according to Standard Bank Plc.

"We question the ability of countries like Ireland and Greece to grow out of the current crisis," Steve Barrow, head of Group of 10 foreign-exchange strategy in London, wrote in a note today.

"With interest rate cuts, exchange rate depreciation and significant fiscal support all off limits for these countries, it seems likely that bailouts — or even pullouts from EMU — are likely" before the end of 2010.

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