Pressure building on Ireland to seek EU help

The European Central Bank told Ireland on Monday (15 November) that EU emergency funds can indeed be used to bail-out its debt-ensnarled banks, adding to the pressure on the country to finally access a European rescue mechanism.

Ireland continued to insist on Monday that it has no need of funding for government spending, but ECB vice-president Vitor Constancio said that a pool of monies set up by eurozone government for bailing out countries can be used for banks instead.

The EU f...