The Memorandum of Understanding underpinning the EU-IMF bailout confirms that the entire bill for the bank guarantee will fall on Irish taxpayers, Labour finance spokeswoman Joan Burton has said.
The deal "buys time for the rest of Europe to get its banks in order, but it makes Irish taxpayers the sacrificial lambs for European financial stability", she said.
Ms Burton said framework negotiated and agreed by the Government allowed little capacity for "the sort of growth our economy will need" to be able to support the debt burden.
"This is a bad deal for Ireland and a bad deal for Europe. We need a new government with a mandate to renegotiate the terms of this agreement. The sooner we have a general election the better," she said.
Fine Gael finance spokesman Michael Noonan said the party was considering the memorandum as part of its preparations for the Budget and would respond in more detail in due course.
"However, we have noted that the Memorandum becomes less specific after 2011 which leaves an incoming government free to introduce its own policies," Mr Noonan added.
Sinn Fein Finance Spokesman Arthur Morgan said the Memorandum on the conditions for the €85 billion aid package agreed with the EU and IMF was not financial support, rather it was "financial suicide'.
