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Irish Finance Minister rejects bailout rumours

Brian Lenihan, the Irish Finance Minister, has today rejected claims that the country will need an EU and an IMF emergency bailout if the cost of rescuing the Irish financial sector continues to escalate. This comes amid differing reports last week regarding the potential for a bailout with Barclays Capital and Credit Suisse at very different ends of the spectrum. So what will happen in the end?

While comments by the likes of Barclays Capital, Credit Suisse and the Irish authorities will have an impact upon investor confidence and investment trends, it will ultimately be the "market" which dictates the future direction of the Irish economy, the Irish financial sector and whether or not a bailout is required. Time and time again in the past we have seen comments from various parties which appeared to be at odds with the general market opinion only for the market to be proved right in the end.

If you think of investment markets and money markets as information exchanges this will explain why more often than not the general market consensus appears to be correct. However, there have been exceptions to the rule in the past and the Irish authorities will be hoping this is one such occasion.

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