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A bailout is an economic term that we’ve been hearing a lot these last few years. This is the money given or lent to a person or organization with financial problems in order to save them. Ireland is the latest EU country after Greece to get a bailout package. However, according to the headline, the bailout is ending in turmoil.
If something is in turmoil, it is in a state of extreme confusion, chaos or agitation. They fear that this economic turmoil is going to spread to other European countries such as Portugal or Spain. In other words, the crisis will proliferate across the EU.
The crisis is provoking political turmoil as well in Ireland. The Taoiseach, the head of the Irish government, is at bay as the ruling coalition disintegrates. If something or someone is at bay, this means that they are cornered or trapped. The Irish leader is under tremendous pressure to step down and to call for new elections.