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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Ireland reveals full horror of banking crisis AFP - 1 hour 29 minutes ago Send IM Story Print DUBLIN (AFP) - – Ireland revealed Thursday that bailing out Anglo Irish Bank could cost nearly 35 billion euros and had threatened to push the country into insolvency on a torrid day dubbed "Black Thursday". The state's rescue of Anglo Irish, which hit the rocks when Ireland's property bubble burst amid the 2008 global financial crisis, could cost as much as 34.3 billion euros (46.6 billion dollars). The massive bill, plus the cost of helping other banks, is expected to help push Ireland's public deficit to a record 32 percent of gross domestic product this year. That would be the largest deficit for a eurozone member since the European single currency was created in 1999 and comes amid mounting investor concern over Ireland and soaring levels of eurozone state debt more generally. But Finance Minister Brian Lenihan insisted Ireland was now coming to terms with its "nightmare" scenario. "Anglo Irish developed to a size where its balance sheet, its annual turnover, was half the national wealth and it became in itself a systemic threat to the financial viability of the state," he said. "That particular nightmare the government has had to live with, the Irish people have had to live with, and I've had to live with since September 2008. We're now bringing closure to that." The minister added that he would deliver a four-year budget plan in November to show how the government plans to fix the public finances. Prime Minister Brian Cowen said Ireland was facing a "serious challenge." "This is not going to be easy but it has to be done -- because we as a country want to control our own affairs," Cowen told RTE. Reax: Shocked Irish see years of financial pain ahead Anglo Irish was one of the banks which fuelled Ireland's property boom but the country's banking sector was ravaged by the global financial crisis, a deep recession and the bursting of the property bubble. Ireland was the first eurozone member nation to plunge into recession in 2008. It returned to growth in the first quarter of this year but then shrank by a massive 1.2 percent in the second quarter, prompting fears it could slip back into recession. Cowen and his government are under pressure over their handling of the situation. Joan Burton, deputy leader of the opposition Labour Party, described the figures as "staggering." "Today will probably go down as Black Thursday in Ireland's history," she said. "I think (Lenihan has) been in denial for the last two and a half years in relation to the extent of the property bubble bust in Ireland and the consequences of that for the banks (and) for ordinary families." The Central Bank said the Anglo Irish bailout has cost about 29.3 billion euros and it could need an extra 5.0 billion euros under a worst-case scenario. Another bank in difficulty, Allied Irish Banks, would need to raise an extra 3.0 billion euros by year-end. That move will mean that AIB will become majority state-owned. A further 2.7 billion euros of state cash will be ploughed into the nationalised Irish Nationwide Building Society. The government also announced there will be no bond auctions for the rest of the year and that it was fully funded until June 2011. Ireland is struggling to maintain investor confidence in its ability to control its huge public debt and deficit, amid similar fears over Italy, Greece, Portugal and Spain. European Union competition chief Joaquin Almunia welcomed the "clarity" regarding the state aid provided to the Irish banks. Jean-Claude Juncker, the prime minister of Luxembourg who heads the eurogroup of finance ministers, said he believed Ireland can resolve the crisis without help from the European Union. European governments and the International Monetary Fund have set up a trillion-dollar war chest to help any eurozone state in fiscal trouble following the financial rescue of Greece in May. 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