After Months of Resisting, Ireland Applies for Bailout

Entirely contradicting my previously posted article (also from the new york times) Ireland has asked for a bailout from the EU.
The bailout is estimated to be around $100 billion. This is $10 billion less than the bailout given to Greece last spring.
This move caused stocks in the EU to rise and helped boost the global stock market. Also immediately, Irish bond prices dropped by 18 basis points.
Another surprising move is that England, although not part of the EU, has pledged to give about $11 billion.
Although Ireland has been trying to survive for months by implementing strict budget cuts, the main reason given for the country's failing is their banking system. Many banks will have to be bailed out .