€80 billion EU bailout on the horizon

AN EU bailout of up to €80 billion was in the offing for Ireland today as the Government struggled to remain in control of economic sovereignty.

It is believed most of the money would be aimed at propping up the country’s ailing banks.

Senior European Central Bank officials revealed ongoing talks between the EU and Dublin. With Brian Lenihan in Brussels for crunch meetings with fellow finance ministers, the next 24 hours are expected to be crucial for the State.