• Sweden offers Ireland €1.1 billion

Ireland's bailout was formally announced Sunday at 85 billion euros, 10 billion of which is for "immediate recapitalisation" and 35 billion for contingency support to its banking sector, the head of the 16-nation Eurogroup said.

Sweden's Finance Minister Anders Borg said that Sweden will provide 600 million euro, or about 800 million dollar.

“When the neighbour’s house is on fire we should all help to put it out so it won’t spread,” he told Swedish Radio News. “We are a small country that is very dependant on the outside world so it is in our best interest to contribute.”

Ireland's 85-billion-euro bailout was "endorsed" Sunday by all 27 European Union finance ministers, EU economic and monetary affairs commissioner Olli Rehn said after emergency talks in Brussels.

Ireland expects to pay an average interest rate of 5.8 percent a year on international loans worth up to 85 billion euros (113 billion dollars), Prime Minister Cowen announced Sunday.

"If drawn down in total today, the combined annual average interest rate would be of the order of 5.8 percent per annum. The rate will vary according to the timing of the drawdown and market conditions," he said.