Reported by: Emon CRWE Newswire Middle East correspondent.

Eurozone countries have reached an agreement on financial assistance to be provided to Ireland in the amount of 85 billion Euros.

The finance ministers of the EU met in Brussels to ratify an 85 billion Euros bailout package for Ireland.

One of the conditions of the aid package is a sharp decline of the Irish government budget expenditures on social services. A plan was developed by the Irish government earlier this week. Cost reduction is already incorporated into the national budget for 2011 causing massive protests against the reduction in social spending in Ireland, attended by some 50,000 people.

Ireland will become the second country in the Eurozone, which will be provided international financial assistance. In May 2010 Eurozone and the International Monetary Fund (IMF) agreed to provide assistance to Greece for $110 billion so the country avoided default on its loan obligations.

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