Pressure grows on Government to accept bailout as Honohan tells it as it is

PRESSURE mounted on the Government yesterday to accept emergency funding from Europe and the IMF as Central Bank governor Patrick Honohan said he expected Ireland would be offered a substantial bailout.

“The intention is and the expectation is, on their part and personally on my part, that negotiations or discussions will be effective and a loan will be made available and drawn down as necessary,” Professor Honohan told RTÉ news.

Finance Minister Brian Lenihan said last night “I certainly feel no sense of shame” that Ireland is now on the brink of a massive financial bailout to save the banks and the country.