Ireland Agrees to $113 Billion Bailout

The European Union and Ireland have hammered out a deal to rescue the country from a public debt crisis. Ireland, which has been struggling from the public acquisition of debt from its failed banking sector, will receive $113 billion in bailout funds, drawn from the various countries in the union, the International Monetary Fund, and Ireland’s own pension fund. The bailout will provide “vital time and space to successfully and conclusively address the unprecedented problems that we've been dealing with,” said Irish Prime Minister Brian Cowen. The government has already responded to the crisis with harsh new budget cuts, which prompted thousands of citizens to take to the streets in protest.