News Analysis - Ireland bailout: Ireland on the brink as UK exposures rocket

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