DUBLIN, Ireland, Nov. 13 (UPI) -- Ireland is not seeking an emergency loan from the European Union, officials said Saturday.
The Department of Finance said reports by the BBC and other news organizations are untrue, Radio Television of Ireland, known by its Irish initials RTE, reported.
The BBC said Irish officials were holding preliminary discussions with the EU about getting assistance from the European Financial Stability Fund. Officials estimated the country would need a bailout of $82 billion to $110 billion.
Ireland became known as the Celtic Tiger during boom times, with one of the fastest-growing economies in the world. But housing prices have collapsed in the slump to about half their previous highs, and the governing Fianna Fail Party has such a narrow margin in Parliament that budget cuts have been difficult.
Dominique Strauss Kahn, head of the International Monetary Fund, commented on Ireland's problems while attending the Asian Pacific Economic Cooperation meeting, saying Ireland is in much better shape than Greece and can handle its economic problems itself.
Prime Minister Brian Cowen has also denied the government is trying to get EU assistance.
