Ireland told to ask for help

The exact terms are being thrashed out now but it is believed the low rate  Corporation Tax - 12.5 % will not figure in the restructuring process.

Most Eurozone countries have Corporate taxation at more than double that and tend to think this is unfair competition but  the major global companies that opened up there, are already making threats to move if this rate is hiked.

Rock and a hard place comes to mind.

The deal when announced, will cover three years borrowings and allow the Government to restructure the Banking Industry, saddled with a huge volume of non performing business mortgages due to the real estate collapse, though there is concern that the consumer mortgage defaults may not be fully taken into account. 

While this action is all about shoring up the Irish financial system, it more importantly preserves the stability of the Eurozone and the markets have reacted positively to the news released so far and await confirmation of the complete package in the next few days.