World stock markets have welcomed the deal struck at the EU summit in Brussels, but the Irish Government is facing some criticism for failing to secure a write-down on Ireland's debt.
Fianna Fáil's Finance Spokesman has said the deal struck in Brussels provides the Government with a compelling case to reduce, what he called, the enormous cost of the bank bailout.
Michael McGrath said the fact that Ireland recapitalised its banks at a time when there was no European fund, means that the Government should use the framework of the deal to reduce the burden on the taxpayer.
He said the EFSF fund has now been given a mandate to recapitalise European banks at relatively cheap interest rates, while Ireland had to use its own resources to recapitalise our banks at high rates.
The deal, which cuts Greek debt levels, recapitalises European banks and increases the size of the EU's bailout fund, is accompanied by a series of other measures to improve the supervision and co-ordination of national budgets.
Sinn Féin leader Gerry Adams said the deal is a "bad deal for Ireland" and a missed opportunity.
Mr Adams criticised the fact that the possibility of a write-down on Irish bank debt was not discussed.
Independent TD Shane Ross said the European banks are the prime beneficiaries of the deal. He said that the Irish got nothing out of the deal and came back empty-handed.
Deputy Ross said the Government should have told European leaders that we have already recapitalised our banks and that we want compensation for that, given the fact that others are getting it from European funds.
The Irish Congress of Trade Unions has also said that Ireland should seek debt relief similar to that secured by Greece last night.
ICTU General Secretary David Begg said Ireland had to find some way of moving back from the edge of the total level of debt we have at present.
Taoiseach Enda Kenny said EU leaders had acted in a decisive manner and the deal allows for a much improved environment within the eurozone, in which Ireland can focus on creating real opportunities for jobs and getting people back to work.
He stressed that the deal with private investors on a 50% haircut on Greek bonds had been achieved voluntarily.
Mr Kenny was asked how it was possible to ensure all banks participated.
He said: "There is a very clear commitment here. The maximum number of banks are going to contribute to that, and it's going to be pushed very strongly that they do participate."
Elsewhere, the Institute for International and European Affairs has described the eurozone deal as "profoundly significant".
Chairman Brendan Halligan said the deal was a "very important milestone" on the road to stabilising the euro and creating a new system.
He said that while the deal was "very good news" for Greece, the country needed more help to stabilise its public finances.
Mr Halligan has just returned from a fact-finding mission to Athens, where he said there was a body of opinion that Ireland could help Greece.
He said Ireland had a lot going for it, because it had a good economic model and political system and an "extremely good" public service.
The IIEA chairman said Greece could benefit from copying all three of these.
World stock markets have risen strongly on news of the deal struck by European governments in the early hours of this morning.
French banks, heavily exposed to eurozone peripheral debt, were among the biggest gainers.
London's FTSE closed up 2.9% at 5,714. In Paris, the CAC jumped 6.3% to 3,369, while in Frankfurt the DAX gained 5.4% to 6,338. Madrid closed up 5%, while the Milan stock exchange gained 5.5%. In Dublin, the ISEQ index closed up 100 points (3.8%) at 2,766.
