Britain also vows to help out Ireland

The Associated Press

British treasury chief David Osborne has vowed to help Ireland out of its financial rut if needed and says it is in "Britain's national interest" that Dublin overcomes its budget woes.

Osborne on Wednesday joined the finance ministers of the eurozone who had already vowed to stabilize the banks at the center of Ireland's financial crisis and keep it from spreading to other fragile euro-linked economies. Britain is not part of the 16-nation eurozone but is part of the wider 27-country EU.

EU Monetary Affairs Commissioner Olli Rehn called it "natural" that Britain would offer help because of the strong banking and financial ties between the two nations.