European Finance Ministers Agree on Bailout for Ireland

[WestVirginiaRebel]

Fox News:

DUBLIN -- Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe.

European Union finance ministers quickly agreed in principle to the bailout, saying it "is warranted to safeguard financial stability in the EU and euro area." But all sides said further weeks of negotiations loomed to define the fund's terms, conditions and precise size.

Ireland's crisis, set off by its foundering banks, drove up borrowing costs not only for Ireland but for other weak links in the eurozone such as Spain and Portugal. Ireland's agreement takes some pressure off those countries, but they still may end up needing bailouts of their own.

The European Central Bank -- which oversees monetary policy for the 16-nation eurozone and first raised alarm bells about a renewed cash crisis in Dublin banks. Sweden and Britain, not members of the euro currency, said they also were willing to provide bilateral loans to Ireland.
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Sure, and it's a bailout they've been lookin' fer...