The Irish situation is serious, and could blow in the next 48 hours

Via Marketwatch:
The Irish Independent newspaper, without identifying sources, on Monday reported that Irish Finance Minister Brian Lenihan may ask fellow European finance ministers at a Tuesday meeting in Brussels to allow Ireland’s banks to tap the bailout fund.

“The next 48 hours will be crucial to determine if Ireland will need to go to the fund,” said Kathleen Brooks, research director at Forex.com.
Via Reuters
The Irish government said it would not need a bailout, but a senior member of the European Central Bank confirmed discussions were under way with Dublin and said that aid, if requested, would be available for Ireland's banks or for the state itself.
The EU is all but admitting, the situtation is serious. 

We all knew that when the first cog blew, i.e. Greece, that they would not be the only one to need a bailout.  Expect Ireland to not be the last. 

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