Gap of Dunloe, County Kerry, Ireland (Photo by catsper via Flickr)

The total amount of the bailout was unannounced but is expected to be as much as $109 billion.

Some of the bailout money will likely be set aside for Ireland's failing banks while the rest will likely be allocated to the country to help it stay away from the bond market.

Prime Minister Brian Cowen has said a budget-cutting plan has been put in place in Ireland, but it's possible the the E.U. and the I.M.F. may require more cuts as part of the bailout deal.

In the wake of the bailout package, the Green Party -- also the junior government partner -- has called for early elections to be held as early as January 2011.

Read more about Ireland's aid here.