Cowen confirms that Ireland needs financial support
The Taoiseach Brian Cowen has confirmed for the first time that a programme of support is necessary for Ireland.
Mr Cowen has also rejected calls from the Labour leader to resign after Eamon Gilmore said it was "the blackest week" in Ireland since the Civil War.
Up until today the Government's position was these discussions with the IMF, ECB and European Commission were to see if a bailout programme was necessary.
Yesterday there was talk of a contingency fund, that would be there as collateral, but not actually drawn down.
But opening T2 at Dublin Airport, the Taoiseach today admitted the Government's efforts to save the economy had failed and talks on a package with the IMF were now proceeding.
Sinn Féin also said the Coalition should go in shame, while Fine Gael said the only way confidence and hope can be given to Ireland is with a General Election.
