Get Ready, Ireland's Banks Are Going To Need Another $39 Billion


Photo: James Jordan on flickr

Ireland banks are in need of another €27.5 billion ($39 billion), and may need it as soon as two weeks next week, according to a Bloomberg survey.If the government were to supply that much cash to Ireland’s banking sector, that would mean that 80% of the country’s bailout funds have already been used.

It’s not definite yet, as stress tests next week will make clear exactly how much more support is needed.

Ireland just experienced another year of negative GDP growth and risks slipping into another recession. The country’s bond yields have blown out in recent days, along with the rest of the PIGS.

You think Ireland is bad? Check out the situation in the rest of Europe >

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