European Central Bank Helps Put Ireland On Track For European Union and International Monetary Fund Loans

by Colonel on February 7, 2013

“Ireland struck a long-awaited deal on Thursday to ease the burden of debts it took on to rescue its banking system in a way that will cut its budget deficit and borrowing needs and put it on track to end its reliance on EU-IMF loans this year.

Prime Minister Enda Kenny won European Central Bank (ECB) approval to stretch the cost of bailing out Anglo Irish Bank over 40 years, ending a high stakes saga that has preoccupied the nation for nearly two years. It was due to pay it off in 10 years.

Technical negotiations between the ECB and Irish officials have dragged on for nearly two years, with the central bank conscious that any deal given to Dublin to ease the crunch in debt repayments could set a precedent for other countries, such as Spain.

” – (Additional reporting by Stephen Mangan and Conor Humphries in Dublin and Laura Noonan in London; Writing by Carmel Crimmins; Editing by Alastair Macdonald), Copyright 2013 Thomson Reuters

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