2:14: Press conference over.
2:01: Was default ever considered?
Cowen: No, you saw what happened with Lehman Bros.
1:43: Timeframe for reducing deficit to 3% of GDP has been extended until 2015
1:42: Cowen: 10 billion EUR to be drawn down immediately. Interest payments will be 20% of tax revenue in 2014.
1:40: Cowen: NO change to tax rate… Total net inflows from outside of 67.5 billion EUR.
Update 1:38: Now on to Cowen. Livestream here.
Update 1:37: The key details are all out… Eurogroup press conference now taking Q&A. FinMin’s insist
Update 1:29: Ireland out with full announcement here. If it were totally drawn down now, the interest rate would be 5.8%.
Update 1:24: ECB chief Trichet now talking further on the future bailout mechanisms.
Update 1:21: Eurogroup now announcing structure for future bailout mechanisms.
Private creditors will be sent a clear message: “Their claims are subordinate.”
Update 1:16: Jean-Claude Juncker announces deal consisting of 85 billion EUR, including substantial raiding of Ireland’s own pension funds.
10 billion EUR will come immediately for bank recaps. 25 billion EUR will come on a contingency basis.
Update 1:11: There’s a press conference going on right now from the Eurogroup finance ministers. We’ll bring you both simultaneously as much as possible. You can watch a stream here.
Update 1:01: Now it appears official. The Irish government’s official news site Merrionstreet.ie says to tune in here at 1:15 ET. We’ll be on it.
Update 12:55: Now it appears we’ll get something from Irish Taoiseach Brian Cowen at 1:15 ET… We shall see.
Update 12:34: it’s not clear when the announcement will be made. We’ll be back when the EU is ready to announce something.
Starting at about 12:20-30 ET, the EU is set to make an announcement regarding the Irish bailout. There’s a good chance it will be late. It was reported earlier that the deal would be for around 85 billion euros, reportedly carrying an interest rate of 6.7%. Update: Not surprisingly, it appears there may be a delay here. Hard to say, exactly, when the announcement will be come. Check back here.
We’ll be covering live here.