"Ireland fears the punitive terms of a bailout as it would have to give up partial sovereignty over its finances and could be forced to raise corporation tax. Ireland's opposition finance spokesman, Michael Noonan, said yesterday that a bailout could lead to Ireland being suspended from the bond markets for three or four years." (...)
"Fears are high that the crisis might spread as market turbulence it more expensive for other fragile economies like Spain and Portugal to borrow, raising the possibility of future crises requring intervention. EU President Herman Von Rompuy even suggested that the union's very future might be at stake. 'If we don't survive with the eurozone we will not survive with the European Union,' he said."