BALHR
The Irish government do not have to sell EI under direction from EU, it is at their discretion.
FR may or may not go back, only MOL and board of FR will know what their intentions are. MOL may decide to cut his losses, as most parties are not in his favour, yes the Irish government could raise funds to aid the state but the proceeds from the sale of EI would be a drop in the ocean towards the overall scale of the debt etc.
Furthermore, getting approval from the EU is only one hurdle crossed. Irish government have said clearly a big no not for selling their holding and I would anticipate the that staff share holding will be a similar response, as the staff would in the main not prefer FR to control the company. Further down the pecking order is Etihad, who may also not wish to sell but if FR did takeover their shareholding my be of less interest to them depending on which direction FR would take the company.