News Analysis - Ireland bailout: Ireland on the brink as UK exposures rocket
The bond markets continued to punish Ireland as fears of contagion spread in the Eurozone, writes Andrew Tjaardstra.
In November, the Irish government had to accept a huge bailout of over €80bn (£72bn) from the International Monetary Fund and European Union as its banking system faced a sustained funding crisis, the result of an indulgent and unsustainable property boom. In order to appease the markets, the Irish will undertake a round of €15bn of spending cuts over the next four years on top of €14.5bn of cuts made over the last two years. VAT will rise to 22% in 2013, while there will also be a reduction in
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