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Ireland gives thumbs down to EU bailout

EU ministers continue to worry that Ireland's debt crisis will drag down financial markets. Ireland says its debts are covered until mid-2011.

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Irish Prime Minister Brian Cowen (l.) and European commissioner for economic and financial affairs Olli Rehn meet at Government Buildings, in Dublin on Nov. 9.

Maxwells/PA Wire/AP

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Irish Prime Minister Brian Cowen insisted this evening that his country's finances are not in crisis and that Ireland does not need a bailout from the European Union or the International Monetary Fund.

But EU finance ministers, who held a meeting with Irish officials today in Brussels, are continuing to add pressure on Ireland to accept financial assistance in order to ease its debt crisis and growing worries over Europe's financial markets.

Cowen made a statement in Ireland’s parliament today insisting the government’s debt were “fully funded” until mid-2011 and that measures taken to control public finances were working. Cowen spoke as the country’s finance minister, Brian Lenihan, met with EU counterparts.

RELATED: A reeling bond market has EU members pushing for Ireland bailout

EU authorities, desperate to stop Ireland's debt crisis from spreading to Spain and potentially destroying the euro currency, have been expressing frustration with Ireland’s refusal to accept an aid package.

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