Asia Bizz: Ireland Economy In Massive Crisis, Applies For Rescue Package

Ireland’s economy crisis has now turned into a massive issue, and they have now applied for a rescue package that is worth tens of billion of dollars. This move came in after the country tried to fight out its financial crisis with strict budget plans and strong counter measures to the tackle the crippling economy.

It is the European Union, who pushed the country to accept the crisis as a result they have asked in for a massive financial help. The total amount of finance that will be pushed into its economy has not yet been disclosed, but according to the experts, it could be between $109 to $123 billion.

Prior to this Greece was the victim of the financial and economic nightmare in their country, and the EU had to flow in around $151 billion, in a move to pull the country out of the pit of financial crisis. The most important part of the rescue package is the banking system, which has been paralyzed almost completely and this could also be the reason which would let the country to take years to recover.

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