Ireland is the new Greece

I don't have much to add to this Bloomberg report:
Nov. 2 (Bloomberg) -- Irish Finance Minister Brian Lenihan may have just one month to stave off an international bailout.

The extra yield that investors demand to hold Irish 10-year bonds over German bunds surged to a record yesterday as Lenihan tries to put together a 2011 budget by Dec. 7 that convinces investors he can get the country’s finances in order.
The premium on Irish bonds has doubled since August and is now wider than the spread on Greek debt four days before it sought a European Union-led bailout in April. That’s putting pressure on Lenihan to cut the deficit and overcome both an economic slump and the rising cost of bailing out the country’s banks.

While Ireland doesn’t need to raise money this year, its 20 billion euro ($28 billion) cash pile may only last until the middle of 2011. Lenihan will pave the way for the budget when he publishes a four-year roadmap for cutting the deficit in the next two weeks.
Investors have dumped Irish bonds in the past three months after the government was forced to pump more money into its banking system. The administration said on Sept. 30 that the cost of rescuing the country’s lenders may jump to as much as 50 billion euros, or almost one third of GDP. Four weeks later, it said it needs 15 billion euros of savings by 2014 to hit its budget target.

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