Ireland has agreed to a bailout from the IMF after heavy selling of Ireland¡¯s bonds pushed up yields on its debt. The Irish government has been denying the fact that Ireland will get IMF support, but as the situation got tougher, they had to accept a bailout offer.

The European Union and IMF bailout package for Ireland will total 85 billion (US£¤114 billion) over three years to fight the government deficit according to Irish public broadcaster RTE said.

RTE¡¯s figure amounts to roughly 20,000 per Irish citizen. However, some economists argue that even more could be needed to keep the country afloat.

¡±The package would see the level of capital in the Irish banks being increased from eight to 12 percent in a move to bolster confidence of depositors in the financial system,¡± RTE said.

Such a deal would see the Irish government increase its stake in banks that received the funding. The Financial Times said the government would end up with a majority stake in Bank of Ireland.

Due to the collapse of the Irish economy citizens expressed their anger. They harshly criticized the government and banks for incompetence and irresponsibility.

¡±The government and banks are the ones who should be responsible for the crisis but it¡¯s the citizens who will pay for all the losses through burdening more tax,¡± said one citizen in Dublin.