Irish economy receives US support pledge

23 May 2011

The US has announced it will do all it can to aid the recovery of the economy in Ireland.

While on the first stop of a four-country trip across Europe, president Barack Obama told the Irish prime minister Enda Kenny in Dublin that the US is supportive of Ireland's attempts to get back on its feet, Bloomberg reports.

Obama said he was glad to see that progress is being made with regard to the stabilizing of the economy in Ireland - which became the second euro-area nation after Greece to be handed an international bailout last year.

The US president noted: "I know it's a hard road but it's one that the Irish people are more than up to the task in achieving."

Last week, a €78 billion ($111 billion) bailout package for Portugal was approved by European finance chiefs - bringing the total amount of state aid afforded to solve the sovereign debt crisis in Europe to €256 billion.

By Asim Shah

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