Bailout move makes headlines from Sydney to New York

UNPRECEDENTED times call for unprecedented measures, and this week’s Government bailout package for Irish banks was certainly a pioneering departure.

While the scale of the legislation sparked immediate concerns on the opposition benches, the €400bn package, which will guarantee all the deposits and debt of the banking system, may prove vital to prevent economic meltdown.

Reported far and wide — from the New York Times to the Sydney Morning Herald — the enterprising plan has caused a stir around the world, with one Australian financial expert Scott Rankin stating: “The Irish Government takes out its bazooka.”