Global markets will keep a close eye on Ireland's debt problems today, with Germany pressing the struggling EU nation to seek a bailout before tomorrow's meeting of European finance ministers.
"In a conference call of European Central Bank [ECB] officials, Ireland was pressed to seek outside help within days," euro zone sources were quoted as saying in reports yesterday.
Concerns that Ireland is on the verge of defaulting on its debts threaten to unnerve investors as the German chancellor Angela Merkel tries to push through tough new rules to avert a repeat of the Greek financial crisis this year.
Greece narrowly avoided default with the help of a €110 billion (Dh552.52bn) bailout backed by the IMF and EU in the summer. Since then, the EU has been working on a plan to contain future fiscal problems among euro zone members.
Mrs Merkel's proposal, which would take effect from 2013, requires investors to take write-offs in sovereign debt rescue packages.
Her stance on the issue has been controversial and she has publicly clashed with Jean-Claude Trichet, president of the ECB, over the new regulations. Mr Trichet has said requiring investors to take losses in a sovereign debt rescue would undermine confidence.
Euro zone leaders are also divided on Mrs Merkel's proposal that Ireland should seek aid now.
"An Irish request for aid would take pressure off the discussion of the mechanism right now," said Carsten Brzeski, a senior economist at ING Groep in Brussels.
"But once that's decided upon we will get only new speculation about what it means for all of the countries using the fund as 2013 nears."
Ireland stressed at the weekend it does not need an injection of EU cash, even though Barclays Capital said the country might need up to €80bn to sort out its debt problems in the next two years.
Jean-Claude Juncker, the prime minister of Luxembourg and the chairman of the European finance ministers group, said there was "no immediate reason" to think Ireland would request cash.
Bailing out Ireland's financial system would cost as much as €50bn under a "stress case" scenario compiled by the country's finance ministry and central bank. The IMF has already pledged to help Ireland if needed.
"So far I haven't received any kind of request," Dominique Strauss-Kahn, the managing director of the IMF, said on Saturday. "If at one point in time - tomorrow, in two months or two years - the Irish want support from the IMF, we will be ready."
Easing investors' fears over Ireland would help Germany make its case to other euro zone countries on debt write-offs, a German official said.
Mrs Merkel last week appealed to markets for understanding over her push to force investors to help pay for any future crises.
"I ask the markets sometimes to bear politicians in mind, too," she said. "We can't constantly explain to our voters that taxpayers have to be on the hook for certain risks rather than those who make a lot of money taking those risks."
Mr Juncker, Mr Trichet and the Spanish prime minister Jose Luis Rodriguez Zapatero have criticised Mrs Merkel's stance. Mr Zapatero said last week that Spain opposed her plans.
"This could potentially drive investors from the euro zone, especially from the peripheral countries," Mr Juncker said.
Ireland's woes formed part of the debate at the Seoul summit of the Group of 20 leading and emerging economies last week, from which the finance chiefs of Germany, France, the UK, Spain and Italy successfully cooled market concerns by saying a plan being debated to have investors cover future bailout costs would have "no impact" on existing debt.
"Clarification was needed and it is good news it's now out there," said Erik Nielsen, the chief European economist at Goldman Sachs.
* with Bloomberg
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Tomb Raider I–III Remastered
Developer: Aspyr
Publisher: Aspyr
Console: Nintendo Switch, PlayStation 4&5, PC and Xbox series X/S
Rating: 3/5
Islamic Architecture: A World History
Author: Eric Broug
Publisher: Thames & Hudson
Pages: 336
Available: September
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
The specs
Engine: 6-cylinder, 4.8-litre
Transmission: 5-speed automatic and manual
Power: 280 brake horsepower
Torque: 451Nm
Price: from Dh153,00
On sale: now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Frida
Director: Carla Gutierrez
Starring: Frida Kahlo
Rating: 4/5
The five pillars of Islam
Getting there and where to stay
Fly with Etihad Airways from Abu Dhabi to New York’s JFK. There's 11 flights a week and economy fares start at around Dh5,000.
Stay at The Mark Hotel on the city’s Upper East Side. Overnight stays start from $1395 per night.
Visit NYC Go, the official destination resource for New York City for all the latest events, activites and openings.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Fixtures
Wednesday, April 3
Arsenal v Luton Town, 10.30pm (UAE)
Manchester City v Aston Villa, 11.15pm (UAE)
Thursday, April 4
Liverpool v Sheffield United, 10.30pm (UAE)
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
DUNE: PART TWO
Director: Denis Villeneuve
Starring: Timothee Chamalet, Zendaya, Austin Butler
Rating: 5/5
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi