Cowen battles referendum bid on euro

TAOISEACH Brian Cowen was battling with Germany last night to avoid having to call a new referendum to change the rules of the euro.

A bailout package was being put together to rescue the Greeks if they fail to raise the €22 billion they need to keep their economy afloat over the next few months.

It would involve eurozone states, including Ireland, contributing loans to Greece. The sum from Ireland would be 1.65% of the money to come from the 15 euro states.