Ireland opens its books to IMF amid fears of giant bailout

Ireland's Taoiseach last night told his country there was no need to be ashamed as he opened its books to the International Monetary Fund after days of fevered negotiations over its finances.

Brian Cowen insisted Irish sovereignty was not for sale, despite predictions from the country's top banker of an imminent bailout running into tens of billions,

An IMF mission of up to 12 officials will begin poring over Ireland's debt-riddled accounts in Dublin this morning.

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In an attempt to calm fears, Mr Cowen – who has been widely criticised over his public handling of the situation – insisted Ireland was simply working out options with EU partners to secure the banking sector and the Euro currency.

"I don't believe there is reason for people to be in any way ashamed or humiliated at all," he said, repeating that "no formal application" has been made for a bailout or loans from either the EU or the IMF.

But suggesting a funding package was on the cards he added: "It will be the sovereign decision of the Irish Government on behalf of the Irish people that will decide what shape any package would be where we can decide that's in our best interests.

"At the moment we are in the process of working out what the best options are."

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Mr Cowen said "technical discussions" were intensifying since the meeting of EU finance ministers in Brussels earlier this week. "When all of those implications have been worked out - and they haven't all been worked out, and no specific proposal has been put to the Government - it is then that the Government will determine what is in the best interests of the country at this time," he added.

Accepting he has come under intense criticism within Ireland, Mr Cowen insisted his Government's actions have been "fair, valid and responsible".

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