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Austerity Vote Creates All Green in Irish Stocks (AIB, IRE, IRL, RYAAY, ELN, WCRX)
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Allied Irish Banks plc (NYSE: AIB) and The Bank of Ireland (NYSE: IRE) are soaring on ahead of an expected approval vote for the Irish budget full of austerity measures and full of spending cuts.
The majority vote is expected, but it is still going to be a close call. If approved, Ireland will be able to access a rescue package set at 85 billion euros, or almost $113 billion. The package was put together by the European Union and by the International Monetary Fund.
The New Ireland Fund, Inc. (NYSE: IRL) has not yet traded but it closed at $6.59 and it has a 52-week range of $5.55 to $7.91.
Allied Irish Banks plc (NYSE: AIB) is up 14% at $1.19 and the Bank of Ireland is up 17% at $2.53.
Ryanair Holdings plc (NASDAQ: RYAAY) is up 1.8% at $31.10, Elan Corporation plc (NYSE: ELN) is up 3.3% at $5.78, and Warner Chilcott plc (NASDAQ: WCRX) is up 4.1% at $20.75.
JON C. OGG
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