Ireland Turns to EU as Trichet Says ECB Aid Limited
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Ireland said it may ask for an international bailout as European Central Bank President Jean-Claude Trichet signaled debt-laden nations can’t rely on him to keep their financial systems afloat forever.
Finance Minister Brian Lenihan said in Dublin he would welcome the creation of “substantial contingency capital funding” for Irish banks, as they became “unmanageable for the state itself.” In Frankfurt, Trichet said in a speech that policies first used to fight the global credit crisis can’t “evolve into a dependency as conditions normalize.”