by Calculated Risk on 11/21/2010 08:54:00 AM

Some breaking news from the Irish Times: Lenihan to seek Cabinet approval for financial bailout

Minister for Finance Brian Lenihan said he would seek Cabinet approval later today for a financial bailout from the International Monetary Fund (IMF) and the European Union.
...
"I will be recommending to the Government that we should apply for a program and start formal applications," he said.

In addition to Ireland, the bond yields to watch are for Portugal and Spain to see if the problem spreads.