Europe and the IMF today agreed to bankroll a massive bailout for debt-ravaged Ireland, estimated at between 80-90 billion euros. This is the second emergency rescue this year in the 16-member eurozone using euro as currency.Irish Prime Minister Brian Cowen said after an emergency cabinet meeting in Dublin that the government has made a request for financial assistance to the European Union and they have agreed to the request.Confirmation of the bailout amount would come at the conclusion of negotiations in Dublin between the Irish government and experts from the European Commission, the European Central Bank and the International Monetary Fund.Aimed at cleaning up Ireland's devastated banking sector, the bailout is warranted to protect Europe's wider economy.The rescue plan emerged amid enormous market pressure to plug a gaping hole in Ireland's banking system, with borrowing costs for Cowen's government soaring.Dublin had already pumped 50 billion euros into failed lenders, pushing its public deficit to 32 per cent of output, more than 10 times the EU limit.EU finance ministers said, the latest rescue follows a 110-billion-euro EU-IMF package in early May for Greece, where public overspends and dodgy data reporting to Brussels had become endemic.