DUBLIN-The US stock markets dropped, as did the Euro against theUS dollar, as Ireland made its bailout appeal to borrow up morethan $70 billion from the European Union and the InternationalMonetary Fund. In afternoon trading in the United States, the DowJones was down by more than 100 points, and the dollar was up to$1.36 per Euro.

On Nov. 21, Ireland’s government agreed to apply for help. Thefinancial assistance package to the Irish state will likely befinanced from the European financial stabilization mechanism andthe European financial stability facility, possibly supplemented bybilateral loans to be negotiated by EU Member States.

Brian Lenihan, Ireland’s finance minister, said during a pressconference Sunday that the country has sound economic fundamentals.The country will reduce its deficit to 3% of GDP by 2014, and willpublish a four-year budget plan sometime next week. “We have seen a6% increase in exports year on year this year,” Lenihan said duringthe press conference. “It is estimated that our balance of paymentswill move into surplus next year, and when you aggregate our publicand private sectors, we will be paying our own way in the widerworld.”

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