Ireland's government proposed buying property loans with a book value of €77bn ($113bn) from five struggling Irish banks Wednesday, but the country's finance minister said some may still need additional capital.
The plan, aimed at restarting stalled lending, faced fierce opposition when it was unveiled by Finance Minister Brian Lenihan in a rowdy session of parliament Wednesday. It is likely to face weeks of debate. The unpopular ruling party doesn't have a majority in parliament, and the plan is reviled by opposition parties, which say Ireland is overpaying and heaping costs on the taxpayer to benefit bankers.
Wall Street Journal