Ireland: OK, OK, We'll Take the Bailout

Ireland finally dropped the denial act today, with central bank chief Patrick Honohan saying that, yes, fine, the country would take a bailout from Europe and the IMF. “It is my expectation that will happen, absolutely,” he said. “It will be a large loan, because the purpose of the amount … is to show Ireland has sufficient firepower to deal with any concerns of the market. We’re talking about a substantial loan.”

Honohan’s statement marks Ireland’s first public admission that it might need a bailout, according to the Daily Telegraph. Prime Minister Brian Cowen says the country is fully-funded through June and doesn’t need a bailout; it’s merely “working with colleagues in respect of currency problems and euro issue problems that are affecting Ireland.” But opposition leader Edna Kenny mocked him for waving the “white flag” in the face of foreign demands. (More Ireland stories.)