EU official praises Irish Government cutbacks

A senior EU official has described steps taken by Ireland's Government to control the economic downturn as "bold and credible".

The Economic and Monetary Affairs Commissioner Olli Rehn said today the eurozone must contain the debt crisis 'bushfire' in Greece to prevent the problem threatening the EU economy.

As thousands take to the streets of Athens to protest at spending cuts, Commissioner Rehn said he is confident they will turn things around there, and other countries like Spain do not need similar rescue packages.

He said all eurozone members are taking measures to consolidate their economies, but singled Ireland out for taking steps that are now paying off.