Despite its initial reluctance to admit its need for a bailout, Ireland is likely to receive about $70 billion from the international community to save its crippled banking industry. The amount of aid is roughly half of what it could be if a broader bailout package—like that which Greece received—is devised to help Ireland out of its other financial troubles. Officials cautioned that the debt crisis in the euro zone is unlikely to end with the Irish bank rescue. “Once we find a solution to Ireland, then we can turn to Portugal,” said one leading economist. “How many guarantees will the EU be able to provide?” Financial markets saw a slight bounce on news of the aid package, with the Irish Overall Index of stocks rising 0.8 percent.
To the Rescue