Ireland was among a number of countries blocking an EU-wide financial transaction tax worth an estimated €57bn a year, but said it would not stand in the way of a countries going ahead with it.

The effects of government spending cuts and a drop in purchasing by households shows in the latest figures released by Eurostat where consumption fell the most of all EU countries after Greece.

Hopes to change the rules of the EU bailout funds to allow them directly fund bank rescues have been dashed, as the European Commission said it was not possible.

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Tomorrow is the start of a critical few weeks forEurope when the fate of Greece, the euro and the weaker eurozone countries could well change for ever.

No quick-fix options to tackle the euro crisis threatening to spin out of control will be supported by Germany, chancellor Angela Merkel has warned.

A leading German economist has said Ireland’s debt, at close to 120% of GDP, is not sustainable and the only way of resolving it is if the interest rates on the country’s massive loans are cut.

Fisheries ministers struggled yesterday for a clear route to ensure Europe’s fish stocks recover and provide a decent livelihood for their fishermen.

Spain’s bank bailout of up to €100bn will not involve a troika overseeing its finances, but their banks can expect conditions and regular on-site inspections.

Ireland would be in a very strong position to get a better deal on the cost of the bailout and reduce the country’s deficit if Spain succeeds in getting a special arrangement for its banks, Communications Minister Pat Rabbitte has said.