TheJournal.ie

Wolfgang Münchau, associate editor of the Financial Times, believes catastrophe is coming if a deal is not struck by December 9.

US president Barack Obama has weighed in with a call for EU countries to find a solution to the spiralling debt crisis.

The Taoiseach says the only way to solve Europe’s debt crisis is to tap the European Central Bank’s “infinite capability”.

There’s little respite for Greece, though, which is asked to pay a higher yield on an experimental auction of short-term bonds.

The European Financial Stability Fund says it issued €3bn in three-year bonds, at a rate over four times cheaper than we’d get.

In tonight’s fix: Warnings over mortgage interest relief, Phil Hogan’s website woes, Vita Cortex owner “can’t move money” – and a solution to modern dinner part complaints?

Citigroup’s chief economist Willem Buiter says Ireland should have a second funding deal wrapped up before the first one runs out.

Tony Foley said only borrowing more billions from the EFSF would save Ireland from paying punitive interest rates on financial markets.

Ireland’s first bailout is performing well, says a spokesman for Olli Rehn – so it’s “not particularly useful” to discuss a second one.

A French downgrade is bad news for us, too – because Europe’s bailout fund is also likely to be downgraded by S&P.

Standard & Poor’s downgrades the European Financial Stability Fund, meaning our future loans will probably cost us more.

The EFSF sells six-month bills with an average interest rate of 0.2664 per cent – despite being downgraded yesterday.

Dow Jones/Wall Street Journal team says it has seen a draft of treaty.

The Finance Minister will try to get a better deal on Ireland’s bailout as he holds talks with the European Central Bank president today.

The EFSF issues a new round of 6-month bills – with interest rates significantly lower than at the same time last month.

5 minutes, 5 stories, 5 o’clock.

The finance minister says it makes sense that countries seeking bailout funds must first apply “sensible budgetary policies”.

The 17 eurozone finance ministers will meet in Copehagen for two days of discussions concerning the size of the bailout fund available to countries.

A German newspaper report says the Bundesbank won’t take Irish, Greek or Portuguese bonds from banks any more.

The debate about what would happen if Ireland votes no is based on worst case scenarios. We should focus on real alternatives, write Michael Taft and Tom McDonnell.

The Central Bank governor also said Irish banks should be recapitalised with EU funds – and without running up our national debt.

But will Ireland have to contribute to the bailout?

An essential round-up of the details to date of the Spanish bailout, from interest rates to lending conditions.

The European Commission flatly denies an RTÉ report saying the Troika are considering extending the schedule for repayments.

Nine things to know this morning…

Germany has reportedly relented and will allow the ESM to buy bonds directly, which could save Spain and Italy.

TDs vote by 114 to 22 to have Ireland participate, a move which will require €1.27bn in cash payments before 2014.

Dáil approval was needed this week to correct 17 grammatical mistakes, and typos, in the Irish version of the Treaty.

Economic commentator Anthony Phillips paid a visit to the Department of Finance. This is what happened…

Despite promises, no green light has been given to any specific action.

The detail of extended loan repayments on the EU portion of Ireland’s bailout is still to be worked out but could save the State significant amounts of money in the coming years.