Irish Bailout Threatens to Reignite Euro Debt Crisis

Ireland's reeling banking system, and the government's reluctance to accept outside help, is threatening to reignite the European debt crisis that nearly led to the demise of the European Union (EU) and its currency last spring. EU officials are trying to persuade Irish officials to shore up the country's devastated banking sector with a possible $100 billion (73.5 billion euros) aid package as Irish policymakers continue to insist that the financially troubled nation doesn't require a bailout. Just six months after EU governments established a $1.02 trillion (750 billion euros) rescue fund with the International Monetary Fund (IMF) to backstop Greece and other troubled members of the 16-nation euro currency area, cracks are once again emerging in the group's financial infrastructure.