Ireland to E.U.: Look, We Never Asked for a Massive Bailout, But If You Insist


The governor of Ireland’s Central Bank says he expects Ireland to accept a loan worth “tens of billions” of euros as part of a huge, E.U.-backed bailout. Concerned about the loss of face that comes with admitting its solvency is dependent on Brussels, the Irish government has yet to comment, denying that it requested the aid package. But resistance looks futile if Ireland wants to avoid angering fellow eurozone countries like Spain and Portugal, who are concerned about volatility in the financial markets. Despite its massive budget deficit and impending spending cuts and tax hikes, Ireland has thus far insisted it won’t need loans until next year.

Irish Republic to get bail-out loan, says central bank [BBC via Daily Beast]