LONDON — In a sweeping action meant to regain the confidence of jittery investors, the Irish government said Thursday that it expected to inject as much as €40 billion into its two largest banks, underscoring the extent to which they continue to jeopardize the country’s fiscal condition.
Brian Lenihan, Ireland’s finance minister, said that Allied Irish Bank, the country’s second-largest, would come under control of the government via a state-guaranteed share offering worth €5 billion, or about $6.8 billion. He said the current market conditions would not allow for a private transaction.
Irish population is about 1/70th of ours, to give you a better idea of the scale...