Member countries of the European Union as the Republic of Ireland and Portugal are now in a big pressure. Many wondered how the two countries can deal with debt problems without the help of funding from the European Union. Ireland repeatedly stressed the EU does not need help. But there is speculation that Ireland and Portugal eventually will be forced to use the rescue funds from the European Union.
Portuguese Finance Minister Fernando Teixeira dos Santos said investors believe the country will be forced to request emergency aid from the EU because there are fears that the crisis would spread fear into the stock market. He urged Dublin to take appropriate steps with a benefit package. Van Rompuy expressed "high confidence" these issues can be addressed. But he added: "We must all work together for the survival of the Euro zone, because if we fail with the Euro we will also fail with the European Union."
Without the financial support of the ECB, Ireland now has collapsed. But if there is little sign that the ECB wants to attract aid to a weak banks in the euro area, Ireland will have no other choice. The country will be forced to beg for its partners in the EU or to the IMF.
Irish Minister for European affairs, Dick Roche, to admit that there is a big liquidity problem in the various banks of the country. But he said that his government had made a number of spending cuts that will continue in the next budget, and he expects there will be solidarity from other European countries in a meeting in Brussels.
There are a number of grants that can be used by countries that have problems - including European Financial stability - a reserve fund worth 440 billion euro to inject aid to the euro area countries that face debt problems.
