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Irish authorities announce new Anglo Irish bailout

The Irish government will later this week unveil plans for a further €5 billion capital injection into troubled bank Anglo Irish amid concerns that the economy is in serious trouble. While the additional €5 billion will bring the total to €30 billion, this is still short of the €35 billion forecast by the credit rating agency Standard and Poor's. However, investors appear to be more concerned than ever with the cost of borrowing for the Irish government moving ahead by 25 basis points today to a level similar to that seen just prior to the Greek international bailout.

The Irish government has confirmed that it will do "whatever it takes" to support the Irish financial industry although the ever growing cost of the Anglo Irish bailout is starting to take a heavy toll. The government just wants to draw a line under this issue now and move on to the wider subject of the Irish economy although investors are focusing all of their concerns upon the potential cost of the overall Anglo Irish bailout.

It is difficult to see where the Irish government can go from here as it has tried every strategy in the book to inject confidence into investment markets.

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