As Ireland tried to fend off pressure to accept a bailout on Tuesday and other European nations raised objections to participating in a rescue plan, Europe again found itself confronting a crisis of confidence in the euro and, ultimately, in its ability to manage its economic problems.
As European finance ministers met in Brussels to pressure a reluctant Ireland to accept an $80 billion financial rescue plan, the president of the European Union, Herman Van Rompuy, said that the union was “in a survival crisis.” Mr. Van Rompuy appealed for European solidarity, saying, “If we don’t survive with the euro zone, we will not survive with the European Union.”
The meeting ended Tuesday night with an agreement to “intensify” talks on salvaging the Irish banking sector if requested, buying Dublin a bit more time but pushing Ireland toward a bailout.
For more: Pressure Grows for Ireland to Accept Bailout - NYTimes.com
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