The euro has further to fall – here's why

Rushed Sunday night deals designed to soothe markets before they open on a Monday morning – it's like the autumn of 2008 all over again. Last night, Ireland's bail-out was finally agreed and signed off. The country will get €85bn as expected. €35bn of that will go on propping up the banking system. The other €50bn goes on sorting out government spending. No big surprises there. Perhaps more importantly, the eurozone's leaders have decided on an outline for a permanent 'bail-out' fund. You may remember that this latest bout of panic came about because Germany had decided that in the future, bondholders should – shock, horror – share some sort of responsibility for their careless decisions to fund irresponsible banks.