Honohan on IMF/EU Loans

Those of you looking for a clear explanation of what is going on in Ireland at the moment would benefit from listening to Patrick Honohan's interview on Morning Ireland this morning. It is available on this link Honohan's "expectation" is that Ireland is about to receive a "contingency loan" that could be drawn down, if needed, to secure our ailing banks. The Governor refused to give a precise speculation and also acknowledged that it wasn't his decision but stated that his expectation was that agreement will likely be reached very soon, and he did not think that 80 billion at roughly five per cent interest were bad guesses (he uses "tens of billions") when they were put to him by the interviewer.