Today's expected announcement that IMF and EU officials have struck an agreement on the terms of Ireland's bailout will fail to staunch the flood of money pouring out of the Irish banks, experts have warned.

The warnings came as this weekend's Financial Times reported that British wealth advisers have told clients to "diversify" – or withdraw – their savings from Irish institutions.

Luca Cazzulani, senior strategist at UniCredit Bank in Milan, told the Sunday Tribune he did not think "the Irish banks would regain access to the liquidity markets for an extended period of time. The damage to the image of Irish banks is quite severe and it will be a long process to regain that trust."

Overseas companies which were the first to withdraw bank deposits following the mid-summer downgrade of Irish sovereign debt have been followed in recent weeks by retail depositors, as the ECB and the Irish Central Bank have pumped an estimated €130bn into the main street lenders here by the end of October.

"I would guess that the amount has increased substantially in the last four weeks and since the IMF came to town," said Peter Mathews, a leading banking consultant in Dublin.

Many commentators believe that the Irish banking and sovereign debt crisis will continue to reverberate around Europe.

The debt markets this weekend were indicating that Portugal would struggle to avoid following Ireland into the EU-IMF bailout, said Cazzulani.

Ben May, European economist at London's Capital Economics, said Ireland faced another "super struggle" if it were to avoid defaulting on its sovereign debt.

Gabriel Stein, chief European economist at London's Lombard Street Research, said there was "a strong likelihood" Greece would default on its debt as early as next year. "No one knows what will happen then [to the euro]," he told the Sunday Tribune.