Ireland was the second Euro-zone country to request bailout from the EFSF. Ireland's request came in November 2010 following Greece in May 2010. Recent stress tests for the country have revealed further capital shortfalls of 24 billion euros. The gap is likely to call for nationalization of the country's six largest banks which would allow for government aid but turn the burden to taxpayers. Rating agencies have reacted negatively to the stress test results, exemplified by an S&P downgrade to Ireland's sovereign debt from single A minus to triple B plus.
Wall Street Journal, April 1, 2011
Ireland's Never-Ending Stress Test
Ireland's Banks Get Failing Grades
S&P Downgrades Ireland One Notch
Ailing Ireland Accepts Bailout
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