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Ireland Agrees to EU-IMF Rescue Package

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Good evening to our viewers across China. I'm Saijal Patel from CNBC and you're watching “Asia Market Daily”.

Market sentiment across Asia has been given a boost, after Ireland finally asked for aid from the EU and the IMF over the weekend.

Although the exact details of the bailout are yet to be revealed, it's understood to be worth between 80 and 90 billion euros.

(SOT) Colin Chapman, Vice President, Asia Pacific, Stratfor:

“If they decide this is a very long haul and a marathon if you like, then it might just work. But they've got to be very patient. They've got to take some really deep cuts. They've got to draw a breath and say 'look life if going to be absolutely hell', much worse than for example in the United Kingdom, which has already taken huge cuts. Then they might just about scrape through.”

But Colin Chapman of Stratfor fears "there's still a big question mark over whether all of Ireland's banks are going to survive".

(SOT) Colin Chapman, Vice President, Asia Pacific, Stratfor:

“They are going to be bailed out, But it's not clear that even then there won't be a run on the banks. There's people that are very nervous about having deposits in those banks and they may well just despite the assurances decide to move them somewhere else. The Irish have got to face up to the fact that they're going to have a very, very difficult time for maybe 10 years or more.”

Concerns have now turned to Portugal, with many analysts expecting that it too will be forced to seek assistance from the EU.

Mikio Kumada of LGT Capital Management is among them, saying "it's probable, unfortunately".

(SOT) Mikio Kumada, Executive Director, LGT Capital Management:

“The faster they reaffirm, you know that this is valid for, the support program is valid for all countries, the better off we are probably. There is a logic that investors will be testing you know country by country the resolve of the European Union. I just think that the answer will be always the same. Which is, we have a support package. It takes some time till we negotiate agreements with the individual countries.”

Thanks for watching “Asia Market Daily”.

I'm Saijal Patel from CNBC, enjoy the rest of your night.

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