Ireland accepts €80-90bn bailout

Ireland became the second country this year to accept billions in EU funding after last night conceding its banking and budget crisis was too big to handle on its own.

In a move aimed at bringing financial stability to perhiperal Europe, Ireland is understood to be receiving €80-90bn over the course of the next three years. "The European authorities have agreed to our request. I expect that agreement to be finalised shortly, within the next few weeks," Prime Minister Brian Cowen says. Ireland's lifeline follows the €110bn bailout of Greece in May. "Providing assistance to Ireland is warranted to safeguard the financial stability in Europe," European economic and monetary affairs commissioner Olli Rehn told Reuters. "The programme under prepara...