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Shares in Ireland’s banks rose sharply as markets were encouraged by the bailout’s immediate focus on injecting 10 billion euro ($13 billion) into the cash-strapped lenders out of a total 67.5 billion euro ($89 billion) in loans.

But the Irish were shocked by a key condition for the rescue - that the government use 17.5 billion euro ($22.9 billion) of its own cash and pension reserves to shore up its public finances, which have been overwhelmed by recession and the exceptional costs of a runaway bank-bailout effort.


Electrician reveals Picasso trove

PARIS | Pablo Picasso never stopped creating, leaving thousands of drawings, paintings and sculptures that lure crowds to museums and mansions worldwide. Now, a retired electrician says that 271 of the master’s creations have been sitting in his garage for decades.

Picasso’s heirs are claiming theft, the art world is savoring what appears to be an authentic find, and the workman, who installed burglar alarms for Picasso, is defending what he calls a gift from the most renowned artist of the 20th century.

Picasso’s son and other heirs were approached by electrician Pierre Le Guennec to authenticate the undocumented art from Picasso’s signature cubist period.

Instead, they filed a suit for illegal possession of the works - all but alleging theft by a man not known to be among the artist’s friends.

Police raided the electrician’s French Riviera home last month, questioned him and his wife, and confiscated the disputed artworks.

The pieces, which include lithographs, portraits, a watercolor and sketches, were created between 1900 and 1932, an intensely creative period for Picasso after he moved from Barcelona to Paris.