Europe, Ireland Debt | featured news

A Moody's downgrade and growing speculation Greece may eventually restructure its debt took the shine off Ireland's thumbs-up from the EU and the IMF on Friday for its efforts to claw its way back from crisis.

Irish Prime Minister Brian Cowen's surprise plan to reshuffle his cabinet weeks before a general election risked backfiring badly on Thursday with coalition partners and backbenchers fuming over the move.

Prime Minister Brian Cowen said Sunday that he won’t resign despite criticism of his management of the country’s its deficit and the international bailout.

Ireland's parliament approved a multi-billion euro EU/IMF bailout package on Wednesday in the face of opposition threats to renegotiate the deal to force losses on some senior bondholders in Irish banks.

Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe.

Euro zone finance ministers agreed on Tuesday to lay the groundwork for bailing out Ireland's banking sector with the IMF, but said Dublin had to decide itself whether to request the aid.

When comedians feast on Ireland's terrifying debt situation, it's time to laugh - or cry. Hard, cold truths will emerge in either case.