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Ireland Will Request Bailout

Ireland will ask for “tens of billions” of euros from the European Union and the International Monetary Fund to help its crisis-stricken banking system. Earlier this week, the Irish government denied such a bailout was necessary, despite being urged to apply for one by its European neighbors. Ireland is also finalizing a four-year plan to cut its deficit, including new property taxes, taxes on the wealthy, and public spending cuts. Though there was speculation that the bailout would be worth up to 120 billion euros, Finance Minister Brian Lenihan said the bailout would “not be three figures.”