Irish Prime Minister Brian Cowen
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Irish PM announces 85bn-Euro bailout

European ministers have reached an agreement over a bail-out for the Irish Republic worth about 85bn euros ($113bn; £72bn).

The deal will see 35bn euros go towards propping up the Irish banking system with the remaining 50bn euros to help the government's day-to-day spending.

Irish Prime Minister Brian Cowen told a press conference in Dublin the deal would be cheaper than borrowing on the open money markets.

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