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In the very early hours of the new trading week, the official word from Ireland is that there’s still no bailout being discussed, despite endless wire reports about discussions related to exactly thatIrish Times:
The Government has again insisted it neither needed nor was discussing financial aid and denied reports that the European Union and Germany was pressing it to accept emergency funding.
EU sources over the past two days said that talks on possible aid were under way and that Ireland was unlikely to hold out without assistance.
The European Union is keen for Ireland to accept aid, sources have said, to avert a Greek-style scenario where budget problems in one country plunge the entire euro zone into crisis.
Technically, Irish leadership is right that it doesn’t need money right now. Its funding is ostensibly covered through early-to-mid next year.
That being said, the rest of Europe is eager to not let this situation go all the way to the brink.