It may just be a few billion euros too far for Ireland's beleaguered taxpayers. Anglo Irish Bank Corp. said Aug. 31 it needs about 25 billion euros ($32.1 billion) in state funding, equivalent to about two-thirds of this year's tax revenue. Standard & Poor's, which last week cut the country's credit rating to AA-, said the state may have to inject as much as 35 billion euros. "It's like a bad dream where you're chasing something you can't catch up with," said Micheal O'Cearbhail, a retired television producer shopping in O'Connell Street, Dublin's main thoroughfare. "Eventually they'll have to close it down." Few places in the world encapsulate the global financial crisis more than Ireland as the country's decade-long economic boom came to a halt with the collapse of the property market.
It may just be a few billion euros too far for Ireland's beleaguered taxpayers.
Anglo Irish Bank Corp. said Aug. 31 it needs about 25 billion euros ($32.1 billion) in state funding, equivalent to about two-thirds of this year's tax revenue. Standard & Poor's, which last week cut the country's credit rating to AA-, said the state may have to inject as much as 35 billion euros.
"It's like a bad dream where you're chasing something you can't catch up with," said Micheal O'Cearbhail, a retired television producer shopping in O'Connell Street, Dublin's main thoroughfare. "Eventually they'll have to close it down."
Few places in the world encapsulate the global financial crisis more than Ireland as the country's decade-long economic boom came to a halt with the collapse of the property market.
