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Page last updated at 07:34 GMT, Thursday, 30 September 2010 08:34 UK

'Make or break moment' for Ireland


The government in Dublin has unveiled new estimates of how much it will cost to prop up the country's banks.

They have added billions of euros to previous estimates, meaning that Ireland's annual deficit will be about 30% of the total size of its economy.

Business Editor Robert Peston says Irish finance minister Brian Lenihan has "thrown in everything but the kitchen sink" at the crisis, which is being driven by the "cataclysmic losses" at Anglo Irish Bank - whose loans are now being valued at 33% of the original value.

While overseas borrowing and deficit reduction measures mean that their will not be a crisis in state spending tomorrow, he said, the Irish economy was now facing a "make or break moment".

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