Set the clocks!
According to The Guardian, Ireland has been given a 24 hour ultimatum:
An increasingly isolated Irish government was coming under mounting pressure tonight to seek a European or International Monetary Fund bailout within 24 hours amid fears that contagion from its crippled banking sector might spread through the weaker eurozone countries.
Portugal, Spain, the European Central Bank and opposition parties all urged Brian Cowen’s coalition government to remove the threat of a second crisis in six months by putting a firewall between Ireland and its partners in the 16-nation single currency.
It’s a little unclear where the 24 hour number comes from though. Later in the article it says this.
Ireland’s opposition’s finance spokesman, Michael Noonan, said he believed European intervention was “under way” and matters would come to a head within 24 hours. The government, he said, was “fighting a rearguard action for appearances purposes”.’
Would an opposition finance spokesman actually have this info? Not clear.
What’s clear is that the rest of Europe is eager to resolve thie mess fast. They’re not happy about Irish banks suckling at the ECB’s teet while the government gets to wait until sometime next year to hit the actual bond market again.
AND the rest of Europe is eager to make Ireland rid itself of its notoriously low corporate tax rate.