Finance Minister Says Ireland WILL Ask For A Bailout

"(BUSINEESINSIDER)
After days and weeks of insisting that it wouldn't need or ask for a bailout, it's official: Ireland is asking for a bailout.

EU leaders pushed the country last weekend to take the formal step of asking the world for help, and now it's going to .Finance Minister Brian Lenihan said Ireland will apply for an international bailout as it sets itself up to be the second euro member to seek a rescue from the European Union and the International Monetary Fund.

“I will be proposing to my colleagues that they should formally apply for a program.” Lenihan said in an interview with state broadcaster RTE today. “The banks were too big a problem for the country. The key issue all the time for the government is to ensure that we do not have a collapse of the banking sector.”

While the government had enough cash on hand to ostensibly get through the middle of next year, it was last week that a run on the bank began, and that was obviously the straw."