BUSINESS BRIEFING / GLOBAL ECONOMY
From Times Wire Reports
After weeks of intense negotiations, Ireland unveiled plans to invest $9 billion in its two largest banks, Allied Irish and the Bank of Ireland, in hopes of easing international fears that Ireland’s financial system could be headed for collapse.
A deepening scandal unfolding around Ireland’s No. 3 and 4 banks, Anglo Irish and Irish Life & Permanent, has fanned market skepticism about Ireland’s ability to police its banks and manage its ballooning national debt.
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