<p><br /> An 85 billion euro (£72.1bn) bail-out for the Irish Government from the International Monetary Fund and Europe has been agreed, head of eurozone ministers Jean-Claude Juncker has said.<br /> </p><p><br /> The deal for the rescue package was approved at an emergency meeting of European Union finance ministers in Brussels in time for the markets to reopen on Monday.<br /> </p><p><br /> The Irish Government applied for the loan last Sunday when it conceded the bank crisis was too big for the country.<br /> </p><p><br /> Taoiseach Brian Cowen tonight welcomed the bailout, describing it as "necessary to allow us to fund our budgets over the coming years".<br /> </p><p><br /> Eamon Gilmore, leader of the opposition Irish Labour Party, said the potential 5.8 per cent rate of interest to be paid on the IMF/EU loans did not represent a fair bargain.<br /> </p><p><br /> "The Fianna Fail government has shown no backbone, no negotiating ability and no authority," he said.<br /> </p>
