Rescue fund struggles to raise €3bn for Ireland

THE euro crisis intensified last night as the EU’s rescue fund found it difficult to raise €3bn on the markets for Ireland and had to pay its highest rate so far for the money — the cost of which will be passed on to Ireland.

The ECB also had to step in and buy Italian bonds, and those of Spain that too were experiencing exceptionally high rates.

Finance Minister Michael Noonan said the ECB must buy euro countries’ bonds to ensure the currency is not overrun. Eurozone finance ministers discussed two structures proposed by the European Financial Stability Facility aimed at increasing the amount of money available to defend the euro to €1 trillion.