Dublin and IMF

DUBLIN—After a week of declining offers of a bailout, Irish Finance Minister Brian Lenihan said Sunday he will recommend his government formally apply for an aid package from the European Union and the International Monetary Fund to shore up its public finances. Mr. Lenihan said on state broadcaster RTE Radio he will make the recommendation at a cabinet meeting later in the day. The finance minister said Ireland's banks have become "too big a problem for the country."
The government must now ensure that it is able to fund itself, that the economy remains stable and that Ireland can still borrow money in the financial markets, he added.
"So for all these reasons I will be recommending to the government that we should apply to a program and open formal negotiations," he said.
The step paves the way for the 16-country euro zone's second government bailout this year, following the emergency €110 billion ($150 billion) bailout plan for Greece in May.
Ireland will have to knuckle down on public spending to meet EU guidelines, which many worry will trigger protests like the ones seen in Greece. The Irish Congress of Trade Unions already has planned a protest Nov. 27 against more government cuts.
Irish bond investors could become better protected against default risk. But market watchers worry whether the latest blow to the prestige of the euro will intensify scrutiny on the finances of other fiscally weak governments, such as in Portugal or Spain.traian basescu,emil boc.vadim.radu tudor,imobiliare,restaurante,auto.ro,ziare.ro