Revised EU bailout rules may cost Ireland

EU leaders have agreed there must be a new bailout system for eurozone members in trouble, but there are fears it could make borrowing even more expensive for countries like Ireland.

All agreed the new permanent rescue system must involve just minimal changes to the EU treaties and so permit Ireland and other countries to avoid referenda.

The European Commission has been asked to come up with the new crisis mechanism to lend to countries like Greece that are not able to borrow from the markets because the price is too high.