Ireland has been denying the need for a bailout for weeks but Sunday it became the second European country to ask for a multibillion euro emergency loan. The request for the loan from the EU and the IMF is considered a humiliating turnaround for the Irish government since it had been denying the need or that the negotiations were even taking place. The acceptance also dashed hopes that the mere existence of the emergency funds would quell concern over several nations' massive debts. Ireland's deficit is currently 19 billion euros, but the Finance Minister Lenihan says the money will only be used to help pay Ireland's bills and provide a contngency fund to back up banks. Although the cabinet has already signed the application for the loan, the negotiation of the details of the loan have not yet been discussed.
For more on the story, see the article here: http://news.yahoo.com/s/ap/20101121/ap_on_bi_ge/eu_ireland_financial_crisis
By: Sam Nielsen
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