Economics / Markets

First we brought you quantitative easing bears. Now get the lowdown on the Irish bailout, through the eyes of Taiwanese animators. If you are not keen on Irish stereotypes, look away now.

The international rescue package for Ireland has failed to restore confidence in the eurozone debt markets, leading instead to a surge in bond yields across half the currency bloc.

The FTSE edged 0.4% higher to 5,574.98 points in early trading, recovering some of yesterday's 2.1% loss.

The FTSE closed today with triple-digit losses as George Osborne's assertion Britain is out of the financial "danger-zone" failed to lift investors fretting over the euro debt crisis.

Chancellor George Osborne said "Britain is on the mend" and its recovery "on track" as he set out a new blueprint for growth following the OBR's growth projections.

The independent Office for Budget Responsibility (OBR) has raised its estimate for economic growth this year to 1.8% from 1.2%.

The FTSE has lost its early banking-fuelled gains as investors took stock of disappointing mortgage data.

Banks led the FTSE 100 index 0.6% higher in early trading to 5,704.96 as investors showed their relief after Ireland agreed an €85bn (£72.5bn) rescue package.

Economists are urging caution on the impact of the coalition government's deficit reduction plans, despite upwardly revised growth forecasts from the Office for Budget Responsibility (OBR).

European finance ministers and the International Monetary Fund have agreed a €85bn (£72bn) bail-out for Ireland in an effort to calm market fears of a new banking crisis.