Irish bailout tops EU finance ministers' agenda

European Union (EU) finance commissioner Ollie Rehn said plans are being made for a potential rescue programme for the Irish government if Ireland cannot afford to repay its huge debts, raising speculations that a possible bail-out of the Irish Republic tops EU finance ministers' agenda.

The Irish government has repeatedly denied that it is seeking outside support, fearing that it would tarnish its image.

Irish Prime Minister Brian Cowen has said that he has not asked for bail-out money and that the Irish economy is well funded until next year.

A statement issued after the meeting praised Ireland's efforts to combat its problems.

''The Eurogroup welcomes the significant efforts of Ireland to deal with the challenges it faces in the budgetary, competitiveness and financial sector areas,'' the statement said.

Plans were being made for a potential rescue programme, should the Irish government ask for help, reports said.