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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Europe fixes Irish bailout, future rescue rules AFP - Monday, November 29 Send IM Story Print BRUSSELS (AFP) - – Europe has agreed a bailout for Ireland and drew up new rules for future rescues which, under stringent IMF terms, would hit government bond investors. And as the deal to help Ireland was finalised, attention in Brussels turned to fighting any moves by the market on Portugal and Spain. Finance ministers sealed the 85-billion-euro (113-billion-dollar) agreement at emergency talks in Brussels timed to reassure the Asian financial markets before they reopened early Monday. But dealers appeared unimpressed with the euro falling to a new two-month low of 1.3181 dollars in Tokyo trading Monday, having shed earlier gains. Under the deal, Ireland's crippled banks will immediately receive 10 billion euros but will be subject to a "fundamental downsizing," the government said in Dublin. The banks will be able to draw on a total of 35 billion euros (46.5 billion dollars) out of 67.5 billion euros in external aid from the European Union and the International Monetary Fund. Timeline: Irish financial crisis But the first 17.5 billion comes from an Irish "treasury cash buffer and investments of the National Pension Reserve Fund," an EU statement said. Irish Prime Minister Brian Cowen insisted he had got "the best deal available" for Ireland and its people, a day after mass street protests in Dublin against austerity cutbacks. Related article: Ireland PM says 'best deal available' Dublin had tried unsuccessfully to shore up its banks' books following a property crash, but an opinion poll suggested a majority of Irish people think the country should have defaulted on its debts. "The decision to force the state to take 17.5 billion euros out of the Pensions Reserve Fund to pour into the black hole that is our banking system is a disaster," said opposition Sinn Fein leader Gerry Adams, who has quit politics in Northern Ireland to campaign in the Republic. Irish Labour party leader Eamon Gilmore said it amounted to "a national sell-out." But the governor of the Central Bank of Ireland, Patrick Honohan, said the international support "underpins a clear economic and financial policy path for Ireland." Danny McCoy, director general of the Irish Business and Employers Confederation (IBEC), said the EU-IMF deal provided "much-needed certainty". Non-euro countries Britain, Denmark and Sweden will provide bilateral loans totalling around five billion euros. As part of the deal, Ireland was given an extra year, until 2015, to bring the 2010 deficit of 32 percent of GDP back within the permitted three percent limit. Ireland Ireland's coalition government unveiled a four-year plan last week which signalled spending cuts worth 10 billion euros and tax rises worth five billion euros, triggering mass street protests at the weekend. Cowen said he expected Ireland to pay an average interest rate of 5.8 percent a year on the loans, subject to market conditions. "Without these loans the necessary tax increases and spending cuts would be far more severe," Cowen insisted. Brussels said it would also "examine the necessity" of re-scheduling repayments on Greece's 110-billion-euro loans, as part of broader moves to convince bond buyers to keep interest rates at manageable levels. Greece was the first recipient of a major EU-IMF bailout earlier this year. Essentially, the EU wants money markets to keep providing states with the funds they need to turn government wheels, but not at rates that cripple economic growth. The message was that once rates climb too high, they would step in, depriving investors of healthy returns; but if problems occurred, new repayment plans would come before any write-downs for holders of government debt. To underline that point, the EU also agreed on Sunday that the private sector would share the burden in future bailouts after an existing eurozone emergency fund worth 440 billion euros expires in 2013. "Rules will be adapted to provide for a case-by-case participation of private sector creditors, fully consistent with IMF policies," said a statement. 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