Austerity protest takes place in Dublin

Monday 18 July 2011 12.30
Dublin - Protesters oppose austerity measures
Dublin - Protesters oppose austerity measures

Over 400 campaigners opposed to austerity measures and the bailout of Irish banks have staged a demonstration in Dublin.

The rally coincides with this week's quarterly review visit by representatives of the European Union, the European Central Bank and the International Monetary Fund.

European leaders are to hold an emergency summit in Brussels next Thursday to discuss the financial stability of the eurozone, as well as a second rescue package for Greece.

Yesterday, 82 of 90 financial institutions in the eurozone passed stress tests carried out by the European Banking Authority.

The tests on 90 banks in 21 countries examined the ability of each institution to withstand economic and market shocks, particularly around their ability to maintain acceptable capital levels.

The report showed that five banks in Spain, two in Greece and one in Austria would be unable to keep these levels high enough over a two-year period in an 'adverse but plausible scenario'.

As expected AIB, Bank of Ireland and Irish Life & Permanent passed the stress tests.