Ireland edges closer to EU bailout

Officials in Ireland and the EU yesterday moved closer to conceding the heavily indebted nation may require a bailout.

The yields on Ireland's bonds hit yet another all-time high yesterday, with yields on 10-year bonds peaking at 9.26%, almost four-times the yield demanded by investors for equivalent German bunds. Brian Lenihan, Ireland's Finance Minister, described the country's borrowing problems as "very serious"."The bond spreads are very serious and there is international concern about that," Lenihan adds. José Manuel Barroso, the President of the European Commission, said the European Union stood ready to help Ireland if it needed financial assistance. "We have all the essential instruments i...