So finally after refusing to accept any aid and saying that everything was fine and dandy with their finances (like the Greeks did), Ireland has finally accepted aid from the European community and will slash budget by billions of dollars in the coming years. I guess that the good times had to come to an end, but like any other person and country, denial was the name of the game but for how long they were going to deny that they had a problem. The market were letting them know that they are in trouble but they did not wanted to see the ugly side of their finances and now that they have, it does not look pretty any way you see it.
Ireland is a small country with even less people but their debts that were guaranteed by their governments to their banks were more than what they could have repaid it by themselves. So it was a matter of not if but when they would have asked for help. Now that the help of billions of dollars have been approved, the markets next sight has been set on Portugal, the next weak link in the chain of heavily indebted Euro-Zone countries. We will see how longer they can resist and convince the market that they are not Ireland