"The bill to taxpayers for the bailout has swelled to 84 billion euros, 56% of gross domestic product, the result of a government decision to backstop the banks' losses… [despite] the fact that the International Monetary Fund ordered another 10 billion euros pumped into banks immediately, in part to hedge against a possible rise in mortgage defaults. An additional 25 billion euros is on standby if banks' losses are bigger than expected" (Alderman 2010:1). Ireland, once so proud of its independence, is now thinking of doing the unthinkable -- selling its banks to a foreign bidder. An American investor recently made a bid "in a consortium with the Carlyle Group and Cardinal, a Dublin private equity firm" Alderman 2010:1).

While not in as dire financial straits as Greece, the recovery of Ireland is essential for the EU to remain unified and...

Already there are factional fights between EU nations more supportive of bailing out the nations hardest-hit by the financial crisis and nations who believe that Greece, Ireland, Spain and other nations in poor financial health should accept the consequences of bad fiscal management. But Ireland has proven to be more willing to exercise austerity measures than Southern Europe. Irish citizens have been dutifully trying to keep up with their mortgage payments rather than defaulting if at all possible and there is a resigned albeit angry Irish acceptance, rather than protests, about the hard times to come.
Reference

Alderman, Liz. (2010, December 11). Ireland strives to rebuild trust in its banks.

The New York Times. Retrieved December 11, 2010 at http://www.nytimes.com/2010/12/11/business/global/11ireland.html?ref=global