(CNN) -- Europe and the International Monetary Fund began to hammer out final details of an Irish rescue package worth tens of billions Monday, after the government in Dublin admitted the country needed financial help.
Ireland formally requested substantial "financial assistance" from the European Union and IMF, Prime Minister Brian Cowen said Sunday night.
"I want to assure the Irish people that we have a better future before us," Cowen said in announcing the request, as well as pledging substantial budget cuts and tax hikes.
Ireland needs funds to shore up its struggling banking sector and buttress the government, which has poured billions into saving the banks.
Fears about Ireland have pushed down the value of the euro against the dollar and put stock markets under pressure.
But the request for help is unpopular in Ireland, and the government could be punished Thursday when there is an election to fill an empty seat in parliament.
A small crowd of protesters demonstrated Sunday night as government ministers left the press conference where the aid request was announced. One person was arrested earlier in the day for public order offenses at a demonstration outside government offices, police said.
But European Union finance ministers welcomed Ireland's request for assistance, according to a joint statement issued soon after Cowen's announcement.
The ministers agreed earlier on Sunday to take on the request and start negotiations, Irish Finance Minister Brian Lenihan said.
CNN
