Faced with economic troubles, the Irish parliament will be voting on a bailout from the European Union, International Monetary Fund, and European nations. The $113 billion bailout package was requested by Irish Prime Minister Brian Cowen and approved by the European Union. Ireland's ruling Fianna Fail party says that the bailout package will serve to restore Ireland's banking system and to promote growth in the nation's economy. However, they have received opposition from Fine Gael, the Labour Party, and Sinn Fein, advocating that the bailout is not necessary for economic recovery. Awaiting parliament's decision on the bailout package, Ireland has made changes to its budget, cutting nearly $8 billion. In addition, the new budget brought changes to the income tax system, tax increases on gasoline, and reduced benefits for parents. Ireland's approach on its economic crisis will be decided on next week.
http://edition.cnn.com/2010/WORLD/europe/12/09/ireland.bailout/index.html
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