Ireland Will Start The Rescue Mechanism &Nbsp; &Nbsp; Portugal Will Become The New Focus.

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Over the past week, representatives from the European Commission, the European Central Bank and IMF have been strained in the Irish capital Dublin and the Irish government for details of the bailout.

It will start before Asian stock market opens.

EU officials say the talks are likely to be completed on the 28 day of the local time, when the finance ministers of EU Member States will hold teleconference on teleconference to launch a rescue mechanism before the opening of the Asian stock market and surprise the market.

Irish Prime Minister Brian Corn 24 revealed that the scale of aid to Ireland may be 85 billion euros, it is unclear whether it includes the bilateral assistance that Britain and Sweden intend to provide.

This amount is lower than Greece's previous 110 billion euros rescue. According to people familiar with the matter, about 35 billion euros will be used to help the Irish banking industry, and 50 billion euros will be used to meet the financial needs of the Irish government.

Portugal's rescue rumours

Although the EU has jointly established a 750 billion euro reserve mechanism in May this year, it failed to contain the spread of market panic. Portugal is becoming a new focus of market concern after Ireland's IMF.

Similar to the situation before the Greek and Irish debt crisis broke out, some media quoted 26 anonymous sources as saying that some euro zone countries are urging Portugal to seek joint assistance from the European Union and IMF as soon as possible, so as not to spread the debt crisis to a wider extent.

But this was immediately denied by officials of the European Union and its member states.

Since the debt crisis intensified in Ireland, the cost of borrowing in the two euro zone countries has risen significantly as investors worry that Portugal and Spain will follow suit.

Although the Portuguese Parliament passed the fiscal tightening plan on the 26 day, the Portuguese government bond yield was still breaking 7% on that day, the highest record since the birth of the euro.

Spanish bond yields also lingered at a record high of around 5.2%.

Spain is most worrying.

Fabian Chulerg, chief economist of the European policy center of the European Union's think-tank, told reporters that Portugal is likely to ask for help, which is similar to Greece, which is rooted in the lack of competitiveness in the long run.

But unlike Ireland, Portugal does not have a banking crisis, so once the bailout is needed, it provides financial support to the government, and the EU's existing rescue mechanism can cope with it. The most worrying thing is Spain.

As investors worried that the Irish debt crisis will further spread, the euro fell against the US dollar for 26 days and fell to its lowest level in nearly two months. The three major indexes of European main stock markets and New York stock markets were all down.