Ireland Swallows Bitter Pill, Asks EU for Loan

Its economic miracle gone sour, Ireland follows Greece in seeking massive loan from EU, IMF

Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe.


European Union finance ministers quickly agreed in principle to the bailout, saying it "is warranted to safeguard financial stability in the EU and euro area." But all sides said further weeks of negotiations loomed to define the fund's terms, conditions and precise size.


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