Roomin' House Blues

Ireland, after much resistance, has finally applied for a bailout of over $100 billion for her banks.  The bailout will come partially from the European Union and partially from in IMF.  Extreme austerity measures will be required as terms of the loan. Although Ireland's banks were no longer as financially stable as they had been prior to the 2008 world wide financial crisis, Ireland said for a long time that she did not need the same kind of bailout that Europe gave Greece   Although the mortgage market in Ireland had taken a similar nose dive to the American market, the government budget was balanced.  In fact she had already taken severe austerity measures, a 7.1% cut in the budget which had slowed down her economy, driven up unemployment, and hampered her recovery, much as similar measures in Portugal were doing. Ireland's hope was that with a balanced budget the rest of Europe would look with favor on her, and continue to treat h...