The long white document, stuck with blu-tack to the glass doors of the soaring office block that is the European Central Bank, greeted the mandarins of the euro when they arrived for work.

Legislation that would have drastically cut the amount of taxpayers’ money that went to bail out Irish banks and will ensure bondholders pay in future will be unveiled by the European Commission today.

There are increasing signs that Germany is preparing to change its attitude towards eurozone countries becoming liable for one another’s debts as intense efforts are being made to provide Spain with funding that will not trigger a sovereign crisis.

Making the vote count — from abroad

Germany has said it will push ahead with a growth compact now that Irish citizens have adopted the fiscal treaty, despite cuts and hardships which they said deserved special recognition and respect.

The EU could have a free trade area with the US within two years, opening up a vast array of opportunities for business, and especially Irish business, according to Jobs Minister Richard Bruton.

Two of the EU’s most high-ranking officials have warned of the danger of the eurozone disintegrating and emphasised the need for immediate new structures.

Irish banks need to raise up to €4bn, preferably from the market, to meet international capital requirements, Financial Regulator Matthew Elderfield said, as the European Commission warned that bank deleveraging plans may be at risk.

The European Commission has given it’s strongest signal so far that it believes Ireland could need a second bailout and that the banks could need more funds.

Just as the news coming from Athens augured a little better for the future of the eurozone, the word from Madrid plunged the future of the embattled currency back into doubt.