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Irish government in turmoil

After focusing upon the damaged banking system in Ireland the Irish authorities will this week begin further work on the budget deficit which has the potential, together with the financial crisis, to push the Irish economy under. Despite government assurances that no financial aid backing would be required investors are still running scared and the cost of Irish debt has reached record highs. So can the Irish authorities pull this one from the fire?

It is believed that the final cost of the Anglo Irish Bank bailout could hit €50 billion and the government has admitted the public have every right to be angry and concerned about this particular development. However, as we saw in the UK, it seems now that the banking community in Ireland is to be tarnished as the devil incarnate and used as something of a scapegoat for the current economic situation. While there is no doubt that the banks, around the world not just in Ireland, have more than played their part in the credit crunch and resulting economic downturn, is the excuse of blaming the banks beginning to wear thin?

The next couple of weeks will be vital for the Irish authorities as investors in some areas have written off the Irish economy as a busted flush while the government battles to reduce the budget deficit and support the banking industry.

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