Bailout details to be revealed today, Government confirms

The Government has confirmed details of its €85bn bailout will be published once approved by the European Union’s finance ministers later today.

Finance Minister Brian Lenihan travelled to Brussels to finalise the rescue package at an emergency meeting of his EU counterparts ahead of markets reopening tomorrow.

It is understood discussions are centring on how much interest Ireland will pay on the loan from Europe and the International Monetary Fund (IMF) and to what extent private bondholders will be covered.

In a statement, the Government confirmed negotiations with representatives of the European Commission (EC), the European Central Bank (ECB) and IMF are concluding.

“The Government met last night and were briefed on the progress which had been made,” it said.

“The Government decided to proceed to conclude a programme on that basis and authorised the Minister for Finance to finalise the negotiations at a meeting of the EU Finance Ministers in Brussels this afternoon.”

It said the programme for assistance should be adopted at the ministerial meeting and anticipates its details will be published later this afternoon.

The deal is due to be struck the day after 50,000 protesters marched through the streets of Dublin against the country’s drastic austerity measures.

It has be signed off by the 16 Eurozone finance ministers before it can be passed at a second meeting with the finance ministers of the 27 EU countries.