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Greek prime minister George Papandreou and European Commission president Jose Manuel Barroso speaking to the press on Monday?Photo: BLOOMBERG

Under questioning from MPs on the Treasury Select Committee, Stephen Nickell, a member of the Office for Budget Responsibility (OBR) and a former Bank of England rate-setter, said a collapse of the single currency was "a possibility".

Asked more broadly about the sustainability of currency unions, he added: "The general consensus is that sooner or later they fail for one reason or another – but that doesn't mean to say it always happens."

His comments came as deep divisions in the eurozone threatened to drive Spain, Portugal and Ireland into more difficulty.

Attempting to defy Germany, the eurozone's powerhouse and the nation that will provide the bulk of any rescue fund, Belgian Finance Minister Didier Reynders called for the €440bn bail-out fund to be expanded, while Luxembourg Finance Minister Jean-Claude Juncker and Italian counterpart Giulio Tremonti outlined proposals for a joint European government bond.

However, Germany, the Netherlands and Austria on Monday pitched themselves against weaker member states by insisting the rescue package should not be increased. Finance ministers from the 16 member nations were debating the bail-out plans late into the night.

Mr Juncker and Mr Tremonti's "E-Bonds" would be sold by a European Debt Agency, created as early as this month, to finance as much as 50pc of the issuances by EU members. For troubled members, like Ireland and Portugal, it could fund the entire bond issue.

However, Angela Merkel, the German Chancellor, quickly dashed hopes by rejecting the idea as unworkable and stating: "I see no need to expand the fund right now."

As market fears revived, the cost of insurance for Irish, Greek, Portuguese, Italian and Spanish sovereign debt rose. Bond yields were also higher as institutions shunned governments.

Ireland, which faces a crucial vote on its debt reduction plans on Tuesday, offered some rare good news as the government appeared to have won sufficient parliamentary support to push the plans through and qualify for the €85bn bail-out package.

On the euro, Mr Nickell said: "There is a possibility it will collapse but at the moment it is not something to which I subscribe a very high probability." Asked to estimate the probability he said: "1.7pc".

Meanwhile, European Central Bank (ECB) Governing Council member Nout Wellink said it is not the central bank’s task to rescue euro-area countries with funding problems.

“It’s not up to the ECB to save countries where governments run the risk of becoming insolvent,” Wellink, who also heads the Dutch central bank, said. “We are not here to take over, on our balance sheet, the risks of the national economies of Europe.”

Greece: 11.393 (+0.39)

Ireland: 7.916 (+0.1)

Portugal: 5.701 (-0.1)

Spain: 5.080(+0.9)

Italy: 4.461 (+0.7)

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LONDON – The euro slid to a new two-month low against the dollar and stocks traded sharply lower Monday, as investors continued to worry that Europe's debt crisis was heading to Spain, despite the euro67.5 billion ($88.4 billion) bailout of Ireland.

The euro was down 1.4 percent at $1.3094, its lowest level since September 20, as investors concluded that Sunday's bailout of Ireland by the European Union and the International Monetary Fund has done little to stop Europe's debt crisis from moving swiftly onto another country.

Although Portugal is widely considered to be the most at risk for outside help, the big worry in the market is a possible bailout for Spain.

Most analysts think European authorities can handle bailing out the relative minnows of Greece, Ireland and Portugal but that Spain — at around 10 percent of the eurozone economy — would be another matter altogether.

The yield on Spanish 10-year bonds shot up a massive 0.27 percentage point at 5.45 percent Monday and Portugal's rose 0.04 higher at 7.03 percent. The increases are a measure of an investors' appetite for risk and means those countries will pay more to borrow in the money markets.

All this is a far cry to what was intended — the hope among EU policymakers at Sunday's emergency meeting in Brussels was that the latest rescue would help contain the crisis. The measures aimed to help Ireland through its crisis and reassure the markets that Europe was getting a handle on its debt crisis following months of prevarication and confusion.

As well as providing instant money to shore up the capital position of Ireland's banks and providing the country funds for day-to-day needs, the European Union sketched out new rules for future emergencies to restore faith in the 16-nation euro currency.

"The bottom line is that the financial markets are unimpressed and that's the most generous description," said Neil MacKinnon, global macro strategist at VTB Capital. "The crisis rumbles on."

Unsurprisingly, ongoing talk of crisis hit stocks hard.

In Europe, the FTSE 100 index of leading British shares was down 77.50 points, or 1.4 percent, at 5,591.20, while Germany's DAX fell 115.42 points, or 1.7 percent, at 6,733.56. The CAC-40 index in France was 63.17 points, or 1.7 percent, lower at 3,665.48.

In the U.S., the Dow Jones industrial average was down 93.93 points, or 0.9 percent, at 10,998.07 soon after the open while the broader Standard & Poor's 500 index fell 8.79 points, or 0.7 percent, to 1,180.61.

Investors also have a number of key economic releases to digest this week, not least Friday's closely watched U.S. nonfarm payrolls report for November. Before then, the monthly surveys into the U.S.'s manufacturing and services sectors from the Institute for Supply Management have the potential to move markets.

In addition, there are interest rate decisions from the European Central Bank and the Bank of England on Thursday. Neither is expected to change borrowing costs, but investors will be particularly interested in what ECB President Jean-Claude Trichet says Thursday about Europe's continuing debt problems.

Earlier Monday in Asia, Japan's Nikkei 225 stock average added 0.9 percent to close at 10,125.99, buoyed by a stronger dollar, as the yen retained a fairly soft tone against the dollar to the relief of the country's major exporters.

By mid-afternoon London time, the dollar was up another 0.4 percent at 84.34 yen.

Meanwhile, South Korea's Kospi fell 0.3 percent to 1,895.54 amid ongoing tensions between the country and North Korea following last week's exchange of artillery.

Australia's S&P/ASX200 index rose 0.4 percent, to 4,618.5, and Hong Kong's Hang Seng index climbed 1.3 percent to 23,166.22.

Chinese shares were mixed as cautious investors watched for fresh moves to tighten monetary policy and counter inflation. The benchmark Shanghai Composite Index gave up 0.2 percent to 2,866.36. The Shenzhen Composite Index of China's smaller, second exchange gained 0.5 percent to 1,339.31.

Benchmark oil for January delivery was up 52 cents to $84.28 a barrel in electronic trading on the New York Mercantile Exchange.

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Associated Press writer Pamela Sampson in Bangkok contributed to this report.

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LONDON (AFP) – Stocks advanced on Monday in cautious opening deals after Ireland secured an 85-billion-euro bailout from the European Union and International Monetary Fund.

The benchmark FTSE 100 index rose 0.37 percent to 5,689.94 points.

However, the euro sank to a two-month low in a nervous reaction to the 113-billion-dollar Ireland bailout that European governments had hoped would steady the under-pressure currency.

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The Minister of finance German Wolfgang Sch?uble, law and Economics Christine Lagarde cat at the beginning of the meeting of Finance Ministers to decide on a loan of rescue for the Ireland European Minister.?Photo: EPA

Ministers agreed unanimously today to grant financial assistance in response to the request of the Irish authorities on 22 November 2010.Les Ministers agree with the Commission and the ECB provide a loan in Ireland is justified to preserve financial stability in the euro area and EU as a whole.

The euro area and EU financial support will be possible on the basis of a programme which was negotiated with the Irish authorities by the Commission and the IMF, in conjunction with the BCE.Les Ministers welcome the agreement level personnel on a year three joint EU financial assistance program and the IMF for the Ireland.The Irish Government approved the programme on 28 November.

Ministers approve unanimously the measures announced u.s. today ' building on the solid foundations of the Irish economy, the program is based on three pillars:

-Immediate reinforcement and complete overhaul of the banking system

-An ambitious to restore financial viability, including through fiscal adjustment

correction of the excessive deficit by 2015

-Growth enhancing reforms, in particular on the labour market to allow a return to sound and sustainable growth, preserve the position of its citizens.

Financial envelope of the programme will cover the needs of financing up to €85bn, including € immediate recapitalisation measures € will serve on a basis of emergency for banking system supports and 50 billion and € covering budget financing doit.La half of Bank support measures (€17. 5bn) will be funded by an Irish contribution by the buffer of the Treasury cash and investments of the national reserve of the pensions.Le rest of the overall package must also be shared between:

(i) the European financial stabilization instance (ESSM)

(ii) European installation of financial stability (EEHC) with bilateral loans United Kingdom Denmark Sweden and (iii) the IMF (€22. 5bn).

The main elements of political conditionality, like today, will be embedded in the Eurogroup and decisions to be adopted formally in 6 and 7 December .the ' Eurogroup will quickly examine the need to harmonize Greece resembles the Ireland funding deadlines.

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The euro rose to approximately $1.33 on news of the agreement of the Ireland after negotiation to $1.3181 in Asian trading – its lowest level since September 21, fallen below $1.32 morning trade in Europe.

"The impact on the euro was stark," said Mitul Kotecha agricultural credit, with the single currency "failing to take its initial rally following the announcement.

Debt Portugal Spain and Ireland insurance costs continued to rise, while the cost of borrowing for the two Mediterranean countries also has stock augmenté.Marchés also fell across Europe with Ibex index the Spain more than 1pc.

"That really look is Spain, as fourth economy euro, greatest Greece, the Ireland area and Portugal put together, said Nicholas Smith, global Director of MF equity research in Tokyo.

"The question is whether it has the power of fire capital to rescue the Spain in way of the Greece and the Ireland.".

The Greece was the first recipient of a major EU - IMF rescue earlier this year.

European Union finance ministers seal agreement 85bn rescue € to end Ireland Sunday.

The Ireland paralyzed the banks have invested in an explosion of property who later had collapsed, will immediately receive €with but is subject to a "core strength", the Government stated in Dublin.

Whereas the Irish Prime Minister Brian Cowen insisted that he was "the best available deal" for the Ireland and its people, the Irish press comment was scathing.

"Sold on the swanny," the Irish Daily Mail, adding in an editorial in the heading: "we are without a safety net."

"They require emptying of the national bank, substantial money only we laissé.Nous we sold our birthright for a mess of soup right."

The Irish Government has agreed to contribute to. 5bn €17 loan facility will raid the national pension and other resources of national cash reserve fund.

The Irish Sun said agreement "phrases for generations of horrible debt" and 5 8pc sentenced average annual interest on loans as "fairly punitive."

"It is pure fantasy to think that the Irish people can afford to pay this Bill loi.Le taxpayer is currently dealing with pain, holders while bonds get off scot free .c ' is the scandal, pure scandal,"he said.""

Nevertheless, the agreement has been praised by international finance officials.

Governor of the Bank of France Christian Noyer stated that he had "no doubt" that the initiative could be successful, while IMF Chief Dominique Strauss-Kahn said that he has no doubt Ireland will meet his end of market.

United Kingdom, the Denmark and the Sweden, the yield countries provide bilateral loans totalling approximately €emissions.

In the framework of the agreement Ireland received an additional year, until 2015, to bring its deficit 32pc of domestic product 2010 gross return to 3pc allowed.

The Ireland coalition Government unveiled a four year plan last week marked reductions of 10 billion euros and the tax expense rises five billion euros, triggering protests mass at week's end.

Cowen said he expected Ireland pay average interest of 5.8% per annum on loans subject to market conditions.

"Without these loans the necessary tax increases and expenditure cuts would be much more severe, Cowen insisted.

EU Ministers also drew up rules for future rescues, under the terms of rigorous IMF, hitting private investors who purchase of government bonds.

They agreed that private sector to share the burden in the future go value after an existing euro area Emergency Fund of €440bn expires in 2013.

"Rules will be adapted for participation in case by case of creditors private, fully consistent with the policies of the IMF," said a statement.

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Irish Prime Minister Brian Cowen announced rescue package in Dublin.?Photo: REUTERS

How the package help financial €85bn will be spent:

-€ with go immediately to the Ireland banks in order to increase the amount of capital they hold

-€ will be used will be available on an "urgent basis" in the banking system

-50 billion € will go to the Government to cover its budgetary needs to ensure that the country will not be bankrupt by the size of its budgetary deficit

Where the money will come:

-€17. 5bn (half the banks take silver support) will be paid for by Ireland itself, a buffer of the Treasury cash and investments of the national pensions reserve fund

-Le. 67 €5bn remaining shall be paid for three equal shares of $22. 5bn by:

European financial stabilization mechanism created by members of the euro area earlier this year to allow the EU to borrow money to grant financial assistance to Member States

European installation of financial stability, a Fund of €750bn implemented by 16 countries use the euro in may; accompanied by United Kingdom, Sweden and Denmark loans.

The IMF

That Great Britain will help:

-8bn 3 euros of loans

-Another billion €3 bailout EU funding

When the money will be paid:

-L' funding is for a period of three years, but with € will be given to the Bank immediately

Why the bailout is granted:

"Providing a loan in Ireland is justified to preserve financial stability in the euro area and EU as a whole," said a statement by the EU Finance Ministers.

-Ireland had a deficit of approximately 14 3pc GDP last year, which the European Union wants to see up to the limit of 3pc.

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Portugal, where the general strike was held Wednesday at potest austerity measures denied EU pressure for a rescue operation but markets did not believe them.?Photo: AFP

The European Central Bank pushes the Portugal to become the third country in the euro area to accept a "rescue" EU - IMF because of concerns that a Portuguese debt crisis will run its Iberian neighbour, Spain.

The fears of the EU and the eurozone Spain, fifth largest European economy is too large for the rescue and that a Spanish attack down European single currency.

Major European stock markets fell to suddenly unstable by news and talk about the bailout Fund EU be doubled.Ibex the Spain opened the way losing 2. 3pc, while exchanges in London, Paris and Frankfurt have declined between 1. 3pc and 1. 7pc .the ' euro hit $1.3204, its low since the end of September.

Borrowing cost the Portugal and Spain soared, with yields on bonds 10 years countries of records in the début.Cependant trade, Portuguese yields later fell after the country approved its austerity budget 2011, promising to stimulate growth and apply reductions difficult spending, which seeks to avoid a bailout of Irish style.

Parliament adopted the budget hours after a report by the Financial Times Deutschland stated that most of the euro area and the European Central Bank were based on Lisbon to request a kit international relief as the Greece and the Ireland had.

"If Portugal would use the Fund, it would be good for the Spain because the country is heavily exposed to Portugal," the Financial Times Deutschland said unnamed sources.

Mirror like leaking rumors and briefings there are three weeks the Ireland sought a EU bailout and despite the denials of all parties, the reports were later confirmed.

Portugal as Ireland, denied that it is currently under pressure from countries of the euro area and the ECB. ""Press paper is totally false, that it has no basis," said a spokesman for the Government.

However, Finance Minister Fernando Teixeira dos Santos (Portugal), suggested that the euro area grew Portugal to accept a bailout and the loss of sovereignty that allows the EU and the IMF to resume fiscal policy of the country.

"I am not referring to any particular country, much less in Germany," he told the Jornal de Noticias. ""But there is one of our partners in the European Union those who believe that the best way to preserve stability in the euro area is to push and the countries that have been featured in the force".

Jose Socrates, Prime Minister of the Portugal repeatedly denied that his country had need of a bailout plan and stressed that Lisbon will do its utmost meet the objectives of reducing the budgetary deficit.

He said Friday that the passage of the budget, which concluded many months of political wrangling that, at a given moment, threaten the survival of the Government removed Portugal cross of the crisis in the euro area.

Government of the Ireland resisted obtain assistance and refused all rescue before week reports that it admitted last Sunday he went put in receivership EU and the IMF.

As in the case of the Irish, many economists have suggested that EU subsidies and the IMF are a means of pressure on countries like Portugal to implement reductions in wild and tax increases.

The German Finance Ministry refused to put pressure on the Portugal. ""It is not at all the Department's position", said a spokesman.

The Portuguese Government aims to reduce its deficit 4 6pc domestic product gross year next 7 3pc this year.

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The euro sank to its lowest in the 2 months against the dollar fell below $1.34 sometime in the afternoon trade. The single currency fell by 2 cents to $1.342 at 3.50 pm.

Irish, Portuguese and Spanish Government bonds are also in the line of fire.

Yield - the rate of return earned by investors - obligations of Government 10-year reference is passed to 8 024pc of 7 869pc lundi.Sur Portuguese bond yield moved to 6 636pc of 6 523pc.

While the difference between yields on 10-year bonds Spanish and German lifted - another sign fears of investors - pink 223 basis points, the highest since a Summit euro-ère hit in June.

The Spain is responsible for large concern EU because it represents the Ireland of economy of the euro area, unlike the Greece 10pc and Portugal, which account for less than 2pc each.

FTSE 100 index of key actions London fell 1pc - or 58 points-5621 as European and global growth fears weigh on mining stocks.

Major stock markets and Germany France found 0. 8pc and 1. 6pc respectivement.Pendant this time Dublin Bank shares collapsed, losing ground even more than the coalition Government has imploded, compromising the prospective EU - IMF rescue.

"As if all European sovereignty issues were not enough, and they are, the markets were more résonnés as North Korea with impeccable timing, decided to show that its military might," said Jennifer Lee, an analyst at BMO group financial.

Two models for failure

A problem in the euro area is it is now two models for failure even Greece, Government mishandling economy infiltrated into the banking system and he outside markets.With the banking crisis, the Ireland overwhelmed which was also an economy that works.

Brussels insisted on Monday that the Portugal is "a totally different situation" in Irlande.Cependant, position of the Portugal is unfortunately not that different to the Greece.The Spain analogy is Irlande.Que the sovereign or the banking system is in crisis, there are now précédent.Et markets are once more surprising.

"It clearly the Greece was not an isolated case and European authorities are concerned with the contagion," said Simon Derrick, head of the currency at the Bank of New York Mellon."Interpretation of their behaviour, is that there is more risk there."

The greatest risk is the Portugal.Dette public sector, approximately 80pc of GDP, is not in itself a problem, but combined with a 9 3pc deficit which is unchanged despite some fiscal austerity in early (a VAT increase and spending cuts), it is easy to evoke fears of sovereign debt trap.

Worse still is the level of debt from the private sector, foreign investors PIB.Les 240pc relies on 40pc of bank financing and concerns about the economy were already "close Portuguese banks out of the markets" by Giada Giani, European Economist at Citi.

"This is a question about pricing and availability of credit", she added.Taking into account the extent of the debt to the private sector, a significant increase in rates caused by the Portuguese borrowing perceived economic contingencies could result in slower than the 0 2pc already anemic growth anticipated next year.

The Portugal minority Government pushes that remain fresh austerity measures to reduce the budget deficit by four percentage points but the questions about his credibility.

The Spain Irish problem

Problems the Spain echo Ireland .the banks the Ireland have five times the size of the active nationale.Banque the Spain economy assets are three times more grandes.Tous both suffered debilitating property bubble caused asset prices collapse.

However, Spain, has a stronger regulatory body and that half of its banking assets are held by the risky "cajas" or regional banks.

To date, Bank recapitalizations have cost 1pc Spanish Government of GDP, compared to the 20pc in Irlande.Mme Giani said "there is more bad news to come".Seulement €with a jar of recapitalisation raise € has been drawn up to now.

As the Ireland Spain, finances do not were in a mess until the crisis has public frappé.Dette provides only 65pc of GDP this year and 9 3pc deficit must be reduced by five points percentage under a regime of austerity.

Great fear, however, is that the cajas release a new storm on the Ireland publiques.Pour finance, Bank bail pushed 12pc budget deficit at 32pc .c ' is a rescue operation too far.

Market currencies were also concerned that speculation that China will raise interest to curb rampant inflation, injuring an already faltering global recovery rates.

While Korea North and South Korea exchanged fire Tuesday, adding to the geopolitical uncertainty,

A strengthening dollar hit the price of gold.

"Or is likely to be remained in the near future, with $1 340 is a good level of soutien.Les perspectives are still strong, the European debt situation is not very optimistic, said the trader based Singapore.".

Uncertainty in Europe and the far East affected stock markets in Asia, with China Shanghai low index of 2pc.

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LONDON (AFP) – The euro and European stock markets faltered on Monday, giving up early gains as investors questioned whether Ireland's EU/IMF bailout would really herald the end of the eurozone's debt crisis.

"News that the Irish government were going to accept assistance with a debt bailout package certainly gave traders something to cheer about at the start of the week," said sales trader Will Hedden at betting firm IG Index.

"But there seems to be a creeping realisation that this won't necessarily mark the end of the eurozone sovereign debt crisis."

In late morning deals, the European single currency dipped to 1.3720 dollars, having earlier spiked as high as 1.3786 dollars in reaction to the news from debt-ridden Ireland over the weekend.

European shares also trimmed earlier gains, with London up 0.08 percent, Frankfurt gaining 0.37 percent and Paris adding 0.13 percent.

Dublin sank 0.87 percent percent, after the once-proud Celtic Tiger was forced on Sunday to apply for the eurozone's second emergency rescue this year.

Madrid nosedived 0.95 percent amid heightened worries that Spain could be the next nation to appeal for help over its battered public finances.

"Ireland may have accepted a bailout this weekend but the eurozone's debt crisis is far from over," said research director Kathleen Brooks at trading site Forex.com.

The pressure on Irish government bonds eased early on Monday as the market took on board the news.

But the pressure on some other weak eurozone states such as Portugal -- which last week called on Dublin to take the aid money so as to help calm the markets -- showed no improvement, with yields or rates on Portuguese bonds rising.

"Portugal and Spain -- and maybe even Italy -- have very high debt burdens and may eventually have to use the European bailout fund to access finance," Brooks said.

"Portugal's finance minister has said that if Portuguese bond yields spike above 7.0 percent then it is unsustainable for the government to borrow in the capital markets. Portugal's yields are currently 6.72 percent -- very close to that threshold.

"So, Ireland is just another chapter in the eurozone's sovereign debt crisis and is not the end of the story."

Irish Prime Minister Brian Cowen said Sunday his government had applied for aid from the European Union and the International Monetary Fund.

While the amount had not yet been decided, he said it would be less than 100 billion euros (137 billion dollars).

The bailout request had been widely expected amid mounting speculation over the perilous state of Ireland's public finances, dealers said.

Dealers said that as time goes on, the markets will focus more on the terms and conditions, trying to get a fix on whether solving the Irish problem will ease wider concerns over the eurozone.

Irish finances were ravaged by a domestic property market meltdown and costly bank rescues arising from the global financial crisis. Tax revenues, meanwhile, have been savaged as a result of a vicious recession.

In a further twist on Monday, Moody's credit rating agency warned that it would most likely have to downgrade Irish sovereign debt by several notches in view of the costs of the EU/IMF rescue.

"A multi-notch downgrade, leaving the rating of the Republic (of Ireland) still within the investment-grade category, is now the most likely outcome of our review of the sovereign credit," Moody's said in an analyst note.

The euro and equities have faced heavy selling pressure in recent weeks due to the debt woes of Ireland and other struggling eurozone nations such as Greece, Portugal and Spain.

Ireland is the second eurozone country to seek an EU/IMF bailout in just six months after Greece was rescued in May with 110 billion euros.

Later this week, Dublin is expected to deliver a detailed plan to slash spending and raise taxes as the crisis-hit nation struggles to balance the books.

The four-year plan will aim to make 15 billion euros of budget savings by 2014.

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LONDON (AFP) – Shares rallied in opening deals on Monday as investors welcomed news that crisis-hit Ireland has formally applied for a bailout from the European Union and the International Monetary Fund.

The benchmark FTSE 100 index jumped 0.76 percent at 5,776.15 points.

Irish Prime Minister Brian Cowen said Sunday his government had applied for aid from the EU and the IMF. While the amount had not yet been decided, he said it would be less than 100 billion euros (85.6 billion pounds).

The news also boosted the euro, under pressure in recent weeks due to the debt woes of Ireland and other eurozone nations such as Portugal, Spain and Greece, with Athens getting a 110-billion-euro (150-billion-dollar) EU-IMF bailout in May.

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LONDON – Ongoing worries that Europe's debt crisis is a long way from being solved despite Ireland's request for a massive bailout rescue kept investors on edge Monday and sent stocks and the euro lower.

In Europe, the FTSE 100 index of leading British shares was down 48.74 points, or 0.9 percent, at 5,684.19 while France's CAC-40 fell 24.76 points, or 0.7 percent, to 3,834.40. Germany's DAX was trading 11 points, or 0.2 percent, lower at 6,832.55.

Wall Street was poised for a modest retreat despite earlier signaling a higher opening — Dow futures were 34 points at 11,135, while the broader Standard & Poor's 500 futures fell 4.2 points to 1,194.

Stock markets had been in far better shape earlier — Asian markets closed mostly higher — as investors breathed a sigh of relief that some sort of aid package for Ireland is being cobbled together, since they hate nothing more than uncertainty and prevarication. The Irish government confirmed Sunday it is formally requesting a financial aid package to shore up its debt-laden banking sector

The actual details of the package, expected to be not far short of euro100 billion ($137 billion), are not expected for a few days yet as Irish officials sit down with counterparts from both the European Union and the International Monetary Fund. The country will likely be forced to make further massive spending cuts and raise its very low rate of corporate tax.

Aside from whether another Irish austerity program will work, especially now that the Green Party in Ireland's shaky government has threatened to withdraw from the coalition unless Prime Minister Brian Cowen agrees to hold an early national election in January, the major worry in the markets is whether another highly indebted euro country starts getting the unwelcome attention of bond investors.

"Now Ireland has fallen, we suspect that the markets will quickly turn their attention to the other embattled peripheral countries, particularly Portugal and Spain," said Jeremy Batstone-Carr, head of private client research at Charles Stanley stockbrokers. "It hardly needs saying, but if Spain were to fall the eurozone crisis would have ratcheted up to such a degree that the regions continued existence as an economic area could be called into serious question."

Those concerns were clearly evident in the currency markets, where the euro gave up the advance it made in the wake of Ireland's request — by early afternoon London time, the euro was down 0.5 percent at $1.3645. Earlier it had traded as high as $1.3786.

Even if there are no more bailouts, the scale of austerity being pursued in a number of eurozone countries will highlight the divisions in the single currency bloc. While Ireland and Greece, and possibly others, face years of retrenchment, the eurozone's No. 1 economy — Germany — will likely continue to prosper due to its exporting prowess.

"Even assuming the best case scenario of no further bailouts, the necessary adjustments required to rectify internal imbalances in the eurozone are deeply deflationary and will quickly become evident by the underperformance of the euro-zone economy," said Derek Halpenny, European head of global currency research at the Bank of Tokyo-Mitsubish UFJ.

Developments surrounding Ireland should dominate activity in the markets this week, not least because the U.S. will effectively be shutting down from Wednesday onwards as traders head off for the Thanksgiving break.

Earlier in Asia, investors had been cheered by Sunday's aid request from Dublin.

Japan's Nikkei 225 stock average closed 0.9 percent higher, or 92.80 points, at 10,115.19 while South Korea's Kospi rose 0.2 percent to 1,944.34. Australia's S&P/ASX 200 added 0.3 percent to 4,643.5.

But Hong Kong bucked the trend, with the Hang Seng index falling 0.4 percent to 23,524.02 amid losses in property stocks after new measures to stem speculation. Singapore's benchmark also fell.

Chinese shares closed mixed in weak trading, as investors awaited further policy moves from the government after inflation last month hit a 25-month high.

The benchmark Shanghai Composite Index slipped 0.2 percent to 2,884.37. The Shenzhen Composite Index for China's smaller, second exchange climbed 1.2 percent to 1,313.57.

In the oil markets, benchmark crude for January delivery was up 14 cents to $82.12 a barrel in electronic trading on the New York Mercantile Exchange.

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Associated Press writer Pamela Sampson in Bangkok contributed to this report.

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NEW YORK – Stock price fell Monday as investors worried about application Ireland, this help financial neighbours may not be the last plan needed rescue in Europe.

After falling into a financial crisis caused by increasing losses in three of its nationalised banks Ireland officially asked neighbours dimanche.Le plan rescue aid of the European Union and the international monetary fund will likely $ 100 billion.

Demand grew out of stocks higher in the Euro Stoxx 50, an index of blue chip companies in countries that use the euro Europe.Mais, fell by 0.7% in afternoon trade it.

The Dow Jones industrial average was recently in more than 80 points.

This is the second time that the EU has come to the rescue of one of its 16 members that use the euro. In may, the EU and the IMF committed 140 billion in Greece to prevent the country involved his dette.Membres euro area were willing to mutually support finance hoping to avoid a financial crisis that could cause the value of the euro to fall.

Request the Ireland helper does not put an end to issues facing the euro area. Colleagues, Portugal Spain, the Italy must also cope with heavy debt and investors fear that they may also need a financial lifeline, putting additional pressures on the budgets of the .the EU members ' euro decreased by 0.6% against the dollar.

"It was difficult for the EU to move forward and stay ahead of the concerns of the market, despite substantial amounts, they are clearly willing to spend," said Robert Tipp, Chief Strategist for prudential fixed income securities investment.Announcement Ireland could ask for help contributed to stock losses because it was not detailed enough to restore the confidence of investors, he said.

Reference China's Shanghai composite index decreased 0.2 percent 100.Le dollar gained 0.1% against a basket of six currencies.

The United States stocks fell in trade at the beginning.The Dow Jones industrial average fell 49.30 or 0.4%, 11, wider 154.25.La S & P 500 has dropped 4.64 or 0.4%, 1,195.09. The technology Nasdaq composite index fell 3.09 or 0.1% of 2,515.03.

Investors will sort through a plate full of economic data this week but trade will be shortened by the feast of Thanksgiving Thursday.

Include reports to be released Tuesday and Wednesday sales home in October, an update of the feelings of consumers and the revisions earlier estimates of gross domestic product third quarter.

Some economists expect the final reading on economic growth in the country for the third quarter will be slightly higher than the increase of 2.0% previously estimated.

A survey of business economists published Monday revealed that many believe that the u.s. economy will continue to grow slowly with high unemployment rates.The National Association of business economists survey revealed that the participants that the US economy will grow at 2.7 percent this year.Previously, the Group expects that the growth of 2.6%.

The Group expects the economy to grow 2.6% in 2011.At this rate, growth will be unlikely to make a large dent in the unemployment rate now stands at 9.6%.

Tyson Foods Inc. announced beat Analyst estimates and received 213 million, or 57 cents per share, for the last quarter.Meat producer lost 457 million dollars, or $1.23 per share, there is an an.Actions society grew by 3.7% to $Electr.

Netflix Inc. film rental company said there will be transition to focus on the broadcasting of TV and movies online, a departure from his model built around mailing DVDs to customers by courrier.Il announced it raised the price of DVD subscription plans and launch soon streaming continuous-only cheaper plan .Ses United States shares rose $12.95, or 7.4% at $185.79 .Actions its has more than tripled this year.

Insurer health Humana Inc. announced plans to buy healthcare private company Concentra Inc.790 Millions of dollars in cash deal not a not yet pass the Humana réglementaire.Actions approval acquired 1.77 million dollars, or 3.1%, to $57.79.

Computer giant Hewlett - Packard Co. will publish its third quarter earnings report after the ferme.Il market will be the first report of Hewlett-Packard earnings since the former Chief Executive Mark Hurd has resigned in August in the middle of the allegations of harassment sexuel.Il has been replaced by the financial director Leo Apotheker.

? 2010 The Associated rights Press.Tous réservés.Ce hardware cannot be published, broadcast, rewritten or redistributed.

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The move makes the position of Brian Cowen, Irish Prime Minister, almost unbearable and it is expected that it will be resigning after the budget is presented on 7 December.

The prospect of an election is probably cancel the ephemeral stability, markets have shown on Monday morning.

Bailing out ￡ 77billion of the European Union and the international monetary fund has been agreed on the eve.

John Gormley, Chief of the Green Party and the Minister of the environment the Ireland said that he wanted a date for the vote to be fixed in the second half of January.

Mr Gormley denied that the decision was a response to the release on bail-out, which has been described as a humiliation for the country, said the decision to call an election has been made on Saturday.

He said: "last week was a traumatic for the Irish electorate."People feel trompée and betrayed.

"But we have now reached a point where people Irish need political certainty to take beyond the two month to venir.donc, we believe it is time to set a date for a general election in the second half of January, 2011."

Mr Gormley said that he wanted the Government to achieve three things before to go to the public of the present coalition: a credible plan for four years to balance the budget by 2014.pour provide a budget for 2011 7 décembre.et stability restoration of bailout to the euro.

Earlier in the day, the stock market rallied after news Sunday that the bailout was convenu.Le London FTSE rose, powered by price for banks, markets in Frankfurt and Paris has acquired and the euro fell $1.37 or on the foreign exchange market more.

However, the analysts were being expressed concern that this measure could be just a stop-gap solution before invoking the green for an election.

Oscar Bernal, an expertise ING Bank said: "doubt us that markets will permanently be comforted by Irish bailout, which tends to not show a small, temporary victory."

Bailout agreement means that Ireland handed economic decision-making for the EU and the IMF until 2014 in exchange for a shelter of turbulence in the bond markets that grew up borrowing cost service 16 billion pounds per year in annual debt.

EU officials warned the bailout will come with "draconian conditions" imposed significantly increase taxes and cut spending to reduce public debt amounted to 32% of the GDP this year.

In negotiations on Sunday evening, the Irish were informed by France that, during the bailout for three years, EU countries would Ireland to abandon its corporate tax rates low pressure as a condition for using.

However, it is likely to prove very toxic to the Ireland voters, will damage the prospects of employment and could reduce wages.

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L'argent de la EFSM serait payé tout d'abord, mais CEES en espèces et de la participation de IMF aident l'UE à éviter une situation où un pays utilise jusqu'à tous les fonds disponibles dans le cadre de la EFSM.

Le EFSM est disponible pour tous les membres de l'UE 27 tandis que le CEES insufflera qu'aux 16 pays de la zone euro.

Le mécanisme n'a jamais été utilisé avant, mais les fonctionnaires de l'UE ont estimé qu'il faudrait trois à cinq semaines de l'application d'assistance et les fonds de la premières à être libéré.

Le plan de sauvetage s'appuiera sur un plan financier de quatre ans qui le gouvernement irlandais s'apprête à dévoiler.Dublin a également l'intention de revenir sur les marchés obligataires en janvier donc d'avoir un renflouement en place avant la fin de l'année éliminerait cette date limite.

Les premières mesures ont déjà été prises, mais d'autres suivront dans le cadre de la procédure ci-dessous.

1. La première étape consiste à une demande d'aide à la Commission européenne et un projet de programme de réforme aussi envoyées à la Commission et à l'économique et le Comité financier (CEF) des ministres des finances junior et des gouverneurs des banques centrales.

2. La Commission européenne, en liaison avec la Banque centrale européenne, évalue la demande et recommande aux ministres des Finances européens d'accepter ou de rejeter.

3. Les ministres de l'UE voteront sur la proposition de la Commission avec une majorité qualifiée.

4. Si ils disent "oui", les ministres ont aussi dire combien d'argent Irlande obtiendrez, dans les tranches et quand et définie des conditions de l'aide.Les conditions sont élaborées par la Commission en consultation avec la Banque centrale européenne.

5. Irlande et la Commission signe un protocole d'entente contenant les conditions pour aide.

6. La Commission déclenche l'argent sur le marché par l'émission d'obligations, à l'aide du budget de l'UE en garantie.L'exécutif EU verse sur les tranches en Irlande.

7. D'obtenir des fonds du FMI, hormis l'aide EU, consiste à première raconter la Commission à ce sujet.La Commission détermine quelles options de financement sont toujours disponibles dans le cadre de régimes de l'EU et informe la CEF ainsi.

8. L'argent de l'aide est versée en tranches après un contr?le régulier par la Commission que l'Irlande est sur la bonne voie avec son programme de réforme.

EU/il cherchera des conditions strictes sur ses prêts et peuvent nécessiter augmente de Dublin à envisager d'imp?t et de dépenses des réductions déjà pensaient désagréable.

Irlande vise actuellement pour coupe d'austérité pour un total de 15bn € d'ici à 2014, qui a doublé sa cible précédente.Dans un scénario de sauvetage, les ajustements peuvent être encore plus sévères.

L'UE pourrait-elle Dublin revenir sur un accord avec les syndicats du secteur public pas à couper des emplois ou de passer outre les réductions de salaire.Dublin insiste sur le fait ses 12.5pc faible taux d'imposition de la société ne sera pas être touché.

La Grèce avait soulever son taux de valeur ajoutée taxe (TVA) 23pc de 19pc dans le cadre de son paquet de sauvetage et Irlande peut-être avoir à augmenter son niveau de TVA de 21pc actuellement.

Le plan directeur pour le soutien de l'UE - bien que ne pas de liaison - est le package de l'aide financière à la Grèce où, pour les prêts à taux variable, la base est Euribor 3 mois, alors que les taux fixe prêts sont basés sur les taux correspondant aux taux d'échange pour les échéances pertinentes.

En outre, il y a une charge de 300 points de base pour des durées pouvant atteindre trois ans et un 100 points de base supplémentaires par an pour les prêts de plus de trois ans.Une taxe de service ponctuels de 50 points de base est chargée pour couvrir les frais d'exploitation.

Le co?t d'emprunt est environ environ cinq pour cent.

Alors qu'il n'y a aucune limite sur les échéances des prêts dans le pays dans le besoin, l'affaire grecque a créé un précédent des prêts de 3 à 5 ans.

Une source EU supérieur dit Qu'irlande est susceptible de recevoir €80bn - 90bn € dans le programme de soutien financier prévues, y compris des fonds pour soutenir le secteur bancaire irlandais.

Plan de sauvetage de la Grèce a été 110bn €.

Tout plan de sauvetage doit être assez grand pour apporter à sa fin, une fois pour toutes, incertitudes quant au si les pertes sur prêts future banque irlandais pourraient Hochet souverain et déstabiliser la zone euro.

Irlande a arrimée sa pire renflouement de ses banques à 50 milliards €, mais les investisseurs ne croient évaluation du gouvernement après que les prévisions précédentes ont été soulevées.

Un plan de sauvetage pour les banques n'aurait pas nécessairement égale ou dépasse 50 milliards €, parce que l'Irlande s'est déjà engagé à €33bn pour son secteur bancaire, mais elle est susceptible d'être bien au-dessus de 17bn € pour refléter l'investisseur inquiétudes pertes violer le dernier pire.

Dépendantes de l'appui de la BCE, une somme exorbitante de 130bn € au financement à la fin d'octobre, les banques de l'Irlande sont et probablement ce soutien continuerait jusqu'à ce que les marchés avaient calmés assez pour les prêteurs démarrer l'accès aux financement gros marchés de nouveau.

Oui.Tandis que les fonds de l'UE n'est pas accessible directement par les banques irlandais, le gouvernement irlandais peut emprunter de la EFSM ou le CEES et utilisent l'argent pour soutenir son secteur bancaire.

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Confirming likely offer Britain's size, George Osborne defended the package, describing the Ireland as a "friend in need".

The Chancellor said: "I've found is in our national interest to be part of efforts to help the Irish".

Mr. Osborne pointed out that the Ireland was most important trading partner of the British and Irish Bank prints even Sterling banknote.

However, he insisted that Britain would not be dragged into a permanent mechanism to support patient area countries euro in spite of his predecessor, Alistair Darling, signed an agreement which suggests that it might occur.

The support of the euro has been criticized by parliamentary Tory John Redwood, former Minister and co-Chair of the conservative policy review group on economic competitiveness, stated that the bailout was "not the problem of Britain".

He said: "fact Ireland because he wanted to be part of the euro and the European Central Bank is the Bank of lead and with the European regulator, the authority of lead on Irish banks, so it is their duty to ensure that their banks are solvent and liquids."

"Why should Britain must do when we're not part of the euro area?

Douglas Carswell, Conservative MP for Clacton, said British participation would be Eurosceptic anger had voted Conservative for a tougher line on Europe and urged the Ireland withdraw euro.

He told BBC Radio 4 today programme: "if we will contribute to resolving this crisis we pay Ireland stop euro."

"The arguments against monetary union become stronger: you can not just simply have a common system of disparate country."

"The Conservatives promised us a repair of power, but it seems that we see ourselves responsible for the debts in a monetary union, that're us not yet a party."

Since a few days, the g-7 and eurozone finance ministers including Mr. Osborne held talks conference call emergency on a combined EU-IMF rescue plan of up to 77 billion pounds.

The Institute of Adam Smith added his opponents of the contribution of the United Kingdom voice.

Sam Bowman, head of research at the reflection said: "the bailout proposed for the Ireland is a bad deal for the United Kingdom."

It puts the interests of the European Union and the euro area prior to the interests of the Ireland and the British Government should have no part to pay for it.

"Asking the British taxpayer to cough up ￡ 7 billion shows how bold EU became in his desperation to keep afloat the eurozone project."

"United Kingdom successfully avoided entering euro.Irlande area was not as lucky, but she is entered in full knowledge of the risks."

"Would bailout fate Ireland now kill much benefit Britain helped keep the book and would turn derision spending reductions announced the month last by the coalition."

"At the end of Ireland must choose his own way out of this the British taxpayer crise.Mais should not be held responsible for errors by Irish politicians."

British taxpayers face today pay an invoice at least 7 billion pounds and perhaps as much as 9 billion pounds .the ' money will be available as direct loans which the Government hopes will be refunded in full.

However, the decision to join the bailout will raise fears that Britain could find itself sucked into action over whether the other European countries require assistance.

Policy makers in Greece received a bailout 94 billion pounds in April, has warned that EU debt crisis has not yet completed.

Portugal already warned that there is a "high risk" it might need help économique.Si investors are reviewed by the Irish rescue package, the euro could come under pressure, while the cost of borrowing to the Dublin Government might increase.

Wolfgang Sch?uble, Minister of finance Germany, said that the agreement is necessary to preserve the future of the euro.

"We just are not defending a Member State, but our common currency", he said.

"Ireland must comply with strict and these conditions will be negotiated in the next few days, so it is not only financing but to ensure that problems are resolved."

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Irish Prime Minister Brian Cowen spoke to the media in government buildings in Dublin, after the Ireland agreed EU bailout and the IMF.?Photo: REUTERS

Newspapers across the country made sad reading this morning with history dominate their first pages under headings referring to the Ireland "shameful" position.

Irish Independent screamed "bailout€ 80bn: how we will pay the price" above a photograph of Prime Minister Brian Cowen expression desperate on his face as he announced the news yesterday.

History warns that the Government must meet strict conditions of BCE, and that the Ireland banks will considerably decreased in the bail terms approximately 80 billion euros.

Meanwhile, leaders of the Irish Times with "EU approves Irish request to several billion euro," raising concerns minimum wage in the country and welfare cuts and humiliation of three years of external control of her finances.

Inside political analysis corresponding document Stephen Collins suggested "elections needed to draw the line in the context of shame".

A second article on the front is the headline "Dublin low protests fail to measure a Greek tragedy". mixed reaction to the recent release on bail in Greece exhibit identifies lukewarm response to the news on the streets of Dublin, yesterday, referring to the lack of mass protests "and outward signs of rabies" as "disappointing".

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Minister of the country, Dick Roche, Europe insisted on the fact that ministers do not mislead the public by refusing repeatedly that they were about to accept a bailout multi-milliards $-book of the European Union.

Day after day, last week representatives of the Government of the Ireland reiterated promises that they need not of external support to help their faltering, economy only to accept a plan rescue over the weekend.

He said the bailout become only inevitable once the price of borrowing markets became too high and said that it was necessary to help banks rather than the economy as a whole.

Mr Roche said: "there has been an extraordinary series of events .the markets have reached the point where it is not possible for us to continue to rely on markets: the numbers were too high."

"Ironically, the national situation was as we crossed in the middle of next year without addressing the markets, but the banking situation was such that extraordinary measures should be taken.

He added that last week all the "events worked at the point where it is necessary to take [bail-out]", but they did not reach this position until the end of week.

Mr Roche said: "there was no dissembling, isn't trompeur.La reality is that we always in contact with colleagues in Europe."

Ireland was forced to take the 77 billion economic pounds bail-out in an agreement aimed at saving the euro.

The United Kingdom has decided to support amounting to the equivalent of ￡ 300 per household because of the close commercial relationship with Dublin.

George Osborne, the Shadow Chancellor described the Ireland as a "friend in need".

The support of the euro has been criticized by parliamentary Tory John Redwood, former Minister and co-Chair of the conservative policy review group on economic competitiveness, stated that the bailout was "not the problem of Britain".

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Viewers complained that a cut-out Chancellor George Osborne dance scenes in sepia images of the Irish countryside were offensive.

Comments by Mr. Osborne to support the country by its crisis financial flashed on the screen in a traditional Irish music Celtic font.

The report, released on Thursday evening - days before the Irish Government capitulated to accept a bail of billions of euro-out - EU requirements ended with a shot out of a House of shebeens.

Bulletin boards and social networking site have been flooded with comments in anger, condemning coverage as "bad taste" and "condescending".

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Oil has also increased after its largest weekly loss in three months. David Buik, the BGC Partners market strategist said widespread improvement "temporary relief", but added: "the euro appears to be solid, but not hold your breath." The threat of a contagion still. ?

One of the experts said reasons recovery could be short-lived was that this week is Thanksgiving United States, which traditionally sees a decline in activity on the market during the holiday season.

Boost today has been emerging for more details on the nature of the guarantor.

Payments for public finances will be the Ireland be for ￡ 48billion, spread over three years, with an additional fund between ￡ 21billion and ￡ 29billion Irish banks help.

The total rescue plan said an official would be up to ￡ 77billion with the final figure together after EU inspectors and reported back to Brussels, the true state of Ireland IMF banking sector.

The agreement means that Ireland handed economic decision-making for the EU and the IMF until 2014 in exchange for a shelter of turbulence in the bond markets that grew up borrowing cost service 16 billion pounds per year in annual debt.

EU officials warned the bailout will come with "draconian conditions" imposed significantly increase taxes and cut spending to reduce public debt amounted to 32% of the GDP this year.

In negotiations on Sunday evening, the Irish were informed by France that, during the bailout for three years, EU countries would Ireland to abandon its corporate tax rates low pressure as a condition for using.

"Several States, including the France stressed the Ireland has to be told to increase its turnover tax on corporations leaves place progress," said a French civil servant.

Low corporation tax are considered by the Irish Government as indispensable to the economic growth needed to lift the country deep recession and dependence on mortgage rates.

Policy is credited by attracting more than 1,000 multinational companies such as Google and Pfizer in Ireland Ireland corporate tax is 12.5%, compared to 34% in France, 30 Germany % and 28% in the United Kingdom.

The battle of the EU and the IMF imposes the tax increases will be popular anger at loss Ireland fuel economic sovereignty and control of the austerity measures difficult.

Irish Ministers are so concerned with an explosion of public protest plans to reduce its driver cars driven and riders police have developed on hold to prevent the Government.

Middle class Irish families faced with the loss of low paid workers for a total of 50% of the workforce, and tax credits will begin to pay taxes for the first time.

The Ireland wage cut 13% and Irish households facing a new property ￡ 257 2012.Les payments of well-being, including the allocation of jobseekers and children benefit from tax, will be reduced by 5%.

As well as steep tax increases, EU demanded additional public sector work Cup with a request to reduce the Irish public service of 28 000 between 2011 and 2014.

Job cuts are double the level the Irish have agreed with the trade unions and are expected to fuel protests and grèves.Une demonstration of Union, the largest planned for decades, will be held in Dublin on Saturday.

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Ministers told Brian Cowen, Irish Prime Minister, which he promptly resigned the Government unless faces "terrible aggression and anger among the people."

"I don't accept that I am the father Fouettard," said Mr. Cowen last night after his request of bail out EU met angry and violent clashes between demonstrators and police outside government buildings.

Speaking earlier in on Sunday, the Irish head hit back to the opposition says he had betrayed Ireland by return of sovereignty to the European Union.

"What I accept any political adversary is accused of treason," he said.

Thursday, the Government, with a slim majority, is facing a by-election in Donegal after being forced by the Irish courts to hold a vote that Mr. Cowen desperately tried to delay for 17 months.

EU officials warned the bailout will come with "draconian conditions" imposed significantly increase taxes and cut spending to reduce public debt which rises to 32 per cent of the GDP this year.

Willie O'Dea, former Minister, goernemnt said: "there is no doubt in my mind that the news about the European Union entered into Ireland are disastrous conferred.".

Payment of bail-out for public finances of the Ireland be 48 billion pounds, paid over three years, with an additional fund between 21 billion pounds and 29 billion pounds to the rescue of Irish banks.

The total rescue plan has declared an official Brussels, would be up to 77 billion pounds with the final figure after EU inspectors and the IMF reported in Brussels on the banking sector of the real state of Ireland.

In negotiations on Sunday evening, the Irish were informed by France that year three countries refloating would Ireland to abandon its corporate tax rates low pressure as a condition for using.

"Several States, including the France stressed the Ireland has to be told to increase its turnover tax on corporations leaves place progress," said a French civil servant.

Low corporation tax are considered by the Irish Government as indispensable to the economic growth needed to lift the country deep recession and dependence on mortgage rates.

Politics is credited by attracting more than 1,000 multinational companies such as Google and Pfizer in Ireland Ireland corporate tax is 12.5%, compared with 34 percent in France Germany 30 percent and 28 percent in the United Kingdom.

The battle of the EU and the IMF imposes the tax increases will be popular anger at loss Ireland fuel economic sovereignty and control of the austerity measures difficult.

Middle class Irish families faced with the loss of low paid workers for a total of 50 per cent of the workforce, and tax credits will begin to pay taxes for the first time.

Minimum wage of the Ireland is cut 13 percent Irish households facing a new tax property ￡ 257 from 2012.Les payments of well-being, including the allocation of job-seekers and child benefit, will cut 5%.

As well as steep tax increases, EU demanded additional public sector work Cup with a request to reduce the Irish public service of 28 000 between 2011 and 2014.

Job cuts are double the level the Irish have agreed with the trade unions and are expected to fuel protests and grèves.Une demonstration of Union, the largest planned for decades, will be held in Dublin on Saturday.

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