Bailout of Ireland Looks Likely

EU fears a delay will bring another Greece-like crisis
By John Johnson,  Newser Staff
Posted Nov 13, 2010 4:36 PM CST
Ireland might be getting an EU bailout soon.   (AP Photo/Frank Franklin II)

(Newser) – Ireland is under heavy pressure to take a bailout before its financial troubles spread to other members of the European Union, reports the Wall Street Journal. Dublin is balking because of the handcuffs and political embarrassment that would come with it, but EU authorities don't want to a repeat of what happened in Greece earlier this year, when aid delays led to a debt crisis that brought utter chaos to the entire eurozone.

Irish officials publicly deny they're seeking aid either from the EU or IMF, but talks on the technicalities of drawing from an EU emergency fund have already begun, reports the Irish Times. The situation is so dire that EU authorities think waiting until Ireland's new budget is unveiled the first week of December will be too late to calm world markets.

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