European leaders are desperate to shove billions of dollar in loans into the hands of the Irish government, not out of kindness, but to protect the Continental and UK banks that are exposed to Ireland. That much you know.The real question is, however: Can Europe prevent the contagion with so much opposition to the bailout scheme among the public?
Today at least 50,000 protested (non-violently) in Dublin. You can see a full picture gallery at TheJournal.ie >
That comes a day after it was confirmed that in a special election, the pro-default Sinn Fein won a seat from the ruling party.
Can Ireland actually pass an austerity budget by December 7, and can Europe’s leaders do nothing if the public revolts against the bailout? That’s what you have to figure out.