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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/85bn-euro-bailout-talks-confirmed.jpg"><img class="alignnone size-full" title="Irish Taoiseach Brian Cowen confirmed the country is negotiating an 85 billion euro loan" src="http://londonglossy.com/wp-content/uploads/2010/11/min-85bn-euro-bailout-talks-confirmed.jpg" alt="Irish Taoiseach Brian Cowen confirmed the country is negotiating an 85 billion euro loan"/></a></p>
<p>Irish Taoiseach Brian Cowen has confirmed the country is negotiating an 85 billion euro (£71 billion) bailout loan from the International Monetary Fund and Europe (IMF/EU).</p>
<p>Mr Cowen said the figure has been discussed with the IMF/EU financial rescue mission during two days of talks in Dublin.</p>
<p>&#8220;The size of any programme has not been decided but an amount in the order of 85 billion has been discussed,&#8221; the Taoiseach said.</p>
<p>The Government will shortly unveil its four-year Budget plan to secure 15 billion euro (£12.6bn) of savings.</p>
<p>In the Irish parliament, Mr Cowen described the bailout as an overdraft and said the talks were proceeding as quickly as possible.</p>
<p>&#8220;We&#8217;re talking about here, an overdraft, if you like,&#8221; Mr Cowen said.</p>
<p>&#8220;It&#8217;s a contingency, it&#8217;s available to us as required. And on the basis of state&#8217;s requirements beyond July, for which we are pre-funded, it&#8217;s available for draw-down for that purpose as well.&#8221;</p>
<p>Mr Cowen later said he was using the term overdraft for &#8220;illustrative purposes&#8221;, with the negotiations centred on how the money can be drawn down, if required.</p>
<p>&#8220;That is a technical and complicated piece of work that is not yet completed,&#8221; he said.</p>
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