Proclamation of Dependence

BRIAN LENIHAN last night admitted Ireland would need an EU-IMF bailout after the Government spent the best part of a week firmly downplaying the possibility.

“We have to address the problems in our banking sector, we can’t function without a functioning banking sector, and it’s clear that we will need some form of external assistance to address the difficulties there,” the finance minister said.

His comments came after Central Bank governor Patrick Honohan became the first Irish official to declare a rescue package was inevitable.