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Greek rescue-deal losses

LOSSES incurred on Ireland's €1.3bn contribution to the Greek rescue deal will be covered up by other European countries, Commission officials have said.

Minister for Finance Brian Lenihan briefed the Cabinet today on the Irish element of the emergency loans package. However, European officials have moved to assure the country that if one member state faces a loss, it will be deducted from the total amount made by others and redistributed. The €1.3bn sum is nearly three times what the Government had previously planned for the rescue.