国际英语新闻：EU finance ministers agree to offer aid to Ireland after Dublin's request

Cowen said that the bailout funds would be used to put the Irish banking system back "on its own two feet," and to address the budget deficit. As to the country's low corporation tax rate, Cowen said it would not be changed as part of the deal.

The Irish government had been reluctant to seek aid from the EU and the IMF until last week's meeting of EU finance ministers. Dublin had insisted that its government was well-funded until the middle of next year, but admitted that there were serious problems with its banking sector.

For fear of contagion of the Irish crisis, several eurozone member states have reportedly pushed Dublin to tap the European financial stabilization mechanism.