EU and IMF representatives to meet in Dublin to discuss possible bailout

The Government has this evening agreed to enter into a period of intense discussions with the IMF and the European Central Bank to determine if a bailout should be provided to shore up the euro.

A team of representatives from the EU and the IMF will now come to Dublin to put together a plan in case Ireland needs financial assistance.

"The discussions that will take place between Ireland, the Commission, the ECB and the IMF will allow us to have at our disposal all the elements that we will need in case Ireland asks for aid," said Luxembourg's prime minister Jean-Claude Juncker.

At their meeting in Brussels this evening, EU finance ministers expressed support for Ireland's planned Budget cuts.

It has also been revealed that if a bailout is triggered the money would be raised in five to eight working days.

European Commissioner Ollie Rehn says a "short and focussed consultation" is needed.

"We have intensified these talks since the weekend here in Brussells, and this work will noe intensify, and the intention is to move it to Dublin," said Commissioner Rehn.