THE cost of Ireland’s borrowing could shoot up early next year as the credit rating of the eurozone countries as a whole and the bailout fund we are reliant on are threatened with credit downgrades.

A RECESSION is now very likely in the EU next year, and the outcome of last week’s summit is unlikely to change this, according to Laszlo Andor, Commissioner for Employment, Social Affairs and Inclusion.

STRINGENT and comprehensive new budget rules for EU governments backed up with tough penalties come into force today and are similar to what the new inter-governmental fiscal compact aims to reinforce.

All EU states except Britain moved toward setting up a new treaty yesterday, giving up crucial powers over their own budgets in an attempt to overcome a crippling debt crisis.

BRITAIN opened up the possibility of a two-speed EU with its decision to veto treaty change, isolating itself from the rest of the member states.

EU member states’ lawyers will immediately begin work on a new treaty with an eye to ensuring it does not trigger a referendum in any country.

CROATIA has signed a treaty to join the EU in 2013, a bittersweet milestone as the bloc prepared to take on a sluggish economy it will have to drag along at the time of its worst crisis.

THE EU stage is set for at least 12 hours of tough negotiations in what many see as a final bid to rescue the euro and which will again see Ireland fighting to retain its corporation tax policy.

READERS may be paying double what an ebook really costs every time they download one online, due to an arrangement between five of the world’s major publishers and Apple.

UP to 1,250 Aviva workers facing redundancy will lose out on retraining grants from the EU while money for TalkTalk employees hangs in the balance.