Ireland Refuses Economic Bailout

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It's the medicine this country is reluctant to take.

Ireland is struggling with a crippled banking sector and massive debts.

But amid growing pressure to take a European Union or International Monetary Fund bailout, Ireland is standing firm saying it doesn't need help.

Irish Prime Minister Brian Cowen.

[Brian Cowen, Irish Prime Minister]:
"Well as we have been saying over the weekend, Ireland is making no application for the funding of the state because clearly we are pre-funded right up to the middle of next year."

The EU is worried that fear over the state of Ireland's economy could spread.

The Irish government has admitted it is having high level talks with European leaders, but the country's opposition wants greater transparency to reassure worried money markets.

Irish Opposition Finance Spokesman Michael Noonan.

[Michael Noonan, Irish Opposition's Finance Spokesman]:
"We can't have a situation where minister after minister is coming out and issuing categoric denials that anything is going on while at the same time eminent people, including governors of central banks across Europe are indicating the opposite."

Eurozone finance ministers are meeting in Brussels.

Their discussions promise to be heated, as try to prevent the crisis spilling over into other at-risk countries.

Only a few years ago Ireland's economy was booming, now it appears time is of the essence to stop it going bust.

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