Eurozone finance ministers will meet in Brussels this evening, when they expect to finalise details for a second bailout for Greece together with cuts on bondholders that will trigger a temporary selective default.

Cuts in education budgets risk undermining the economy’s growth potential, the EU has warned Ireland as the country moves closer to the bottom of the international league table in spending on schools.

Greek prime minister Lucas Papademos was yesterday shuttling over and back between the troika, the creditor banks and political party leaders desperately trying to conclude a deal on new austerity measures.

Ireland received a clear warning that it must spend more on research and its SMEs must be much more progressive if it is to create the kind of jobs and growth needed to emerge from the crisis.

Ireland’s case for refusing to support a financial transactions tax unless it was global has been undermined by a study from two eminent economists presented to the European Parliament.

Tensions increased across the eurozone and globally as negotiations on Greek debt and cutbacks reached a critical point, amid fears that the country could default.

Denise McDonagh could become the flyers’ best friend after this week’s hearing in the European Court of Justice.

Irish SMEs have secured more than 20% of the EU’s research funding going to the country, making them the fourth most successful in the union so far.

China is considering increasing its participation in the rescue funds aimed at resolving the European debt crisis.

Ireland will target winning at least €1 billion for scientific research from the EU’s fund, and a conference to launch the bid will be held in Brussels next year.