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Ireland are you finished? Would the last person in the Irish banking sector please turn of the lights ?*
Ireland today will accept the finical bailout of over £80 billion pounds, the money will mainly come from the European union and IMF, but as we know the united kingdom will tribute £10bn pounds or so. The chancellor George Osbourne has said it's right for Britain to help a friend in need, some conservatives have question this and wonder why should the UK help a country that got into this mess because of ill regulations of it's own banking system, Some Torie MPs have also said that we should concentrate on helping Ireland get out of the euro and not help securing something Britain has always been against joining.
It looks like we are seeing the end of the once so great "celtic tiger" economy, once so great that chancellor George Osbourne said that Britain should be learning from the Irish, now it looks like Ireland should be learning the fundamental rule *that no economy is safe in a finical crisis, joining the euro has certainly played a part in the out come this mess for Ireland.*
The only thing the Irish can do now is sit back and wait to see if the markets are comfortable with the Irish rescue package, the Irish will start making a plan to cut about £15 billion pounds from it's budget, this attempt could reassure the markets that Ireland is making an effort to get back on track. Let's just hope it works because the fact is countries like Spain and portugal *could be next on the bailout list and this could be devastating for the euro currency and the future of the European markets. **
Ireland today will accept the finical bailout of over £80 billion pounds, the money will mainly come from the European union and IMF, but as we know the united kingdom will tribute £10bn pounds or so. The chancellor George Osbourne has said it's right for Britain to help a friend in need, some conservatives have question this and wonder why should the UK help a country that got into this mess because of ill regulations of it's own banking system, Some Torie MPs have also said that we should concentrate on helping Ireland get out of the euro and not help securing something Britain has always been against joining.
It looks like we are seeing the end of the once so great "celtic tiger" economy, once so great that chancellor George Osbourne said that Britain should be learning from the Irish, now it looks like Ireland should be learning the fundamental rule *that no economy is safe in a finical crisis, joining the euro has certainly played a part in the out come this mess for Ireland.*
The only thing the Irish can do now is sit back and wait to see if the markets are comfortable with the Irish rescue package, the Irish will start making a plan to cut about £15 billion pounds from it's budget, this attempt could reassure the markets that Ireland is making an effort to get back on track. Let's just hope it works because the fact is countries like Spain and portugal *could be next on the bailout list and this could be devastating for the euro currency and the future of the European markets. **