Ireland needs a bail-out from the European Union and International Monetary Fund, joining Greece in facing a potential collapse. The EU bailed out Greece earlier this year. Observers say Portugal could be next.
What does this portend for the global economy,
and for the U.S. economy? Will the European Union emerge from the recession in better shape than the U.S. because of its strength in numbers? Or do the near-collapses indicate inherent problems in governments like those in Europe with broader social programs?