(DUBLIN) -- The Irish government will take a majority stake in the Bank of Ireland as part of the massive €85 billion ($114 billion) bailout being worked out by the European Union and the International Monetary Fund, according to The Financial Times. This move means that all major lenders in Ireland would have the government as their largest shareholder.
The Euro currency trade, as well as Asian and European markets, will likely react to the news overnight.
Fears persist that Spain and Portugal are next in line to need a bailout, and that the entire eurozone could be facing a deepening crisis.
The Irish bailout amounts to about 15 percent of the $700-billion U.S. bailout, for a country with a population about that of Chicago and Houston combined.
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