Germany's finance minister said today that the fate of the shared European currency was at stake in the proposed bailout of debt-stricken Ireland.
Speaking in the German parliament, Wolfgang Schaeuble said: 'It's our common currency that's at stake'.
Germany, Europe's biggest economy, must take responsibility 'otherwise there will be untold economic and social consequences for our country,' the minister added.
Ireland applied for help on Sunday from the European Union and International Monetary Fund to help it cope with a gaping budget deficit and a deeply troubled banking system.
While the amount of the package has yet to be revealed, European diplomats have said it could come to around €90 billion.The German press on Tuesday stressed how important it was for Germany to step in, for its own interests.
'German investors have a good €100 billion lying in Ireland and an Irish bankruptcy would send shockwaves,' the Suedeutsche Zeitung said.
Meanwhile, the Berliner Zeitung wrote in an editorial: 'The money of German savers and insurers is being saved in Ireland. Let's finally have a debate about common economic governance and economic and fiscal policy before it's too late.'
