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Ferdinand Ostrop/AP

Irish bailout rate 'cut to under 4 per cent' by draft agreement - report

RTÉ says a draft agreement being considered in Brussels would slash our interest rate and extend our repayments.

IRELAND’S EU-IMF BAILOUT interest rate could be cut by around 2 per cent, with our government given more time to repay the debt, under a draft agreement reportedly being discussed in Brussels.

RTÉ News reports that the draft document being discussed would allow Greece to extend its current programme, in which loans are repaid over 7.5 years, to 15 years.

RTÉ’s Europe editor Tony Connolly tweeted that the same terms  - with a cut to 3.5 per cent interest on the EU’s loans – were being offered to Ireland and Portugal.

Ireland currently pays 5.54 per cent on loans that mature in December 2015, and 6.206 per cent on loans that mature in March 2018.

European leaders have been trying to ease the debt burdens on the Eurozone’s bailed-out countries in a bid to try and ease the debt crisis that could otherwise threaten the viability of the single currency.

There was no indication on whether other options previously mooted – such as the prospect of allowing the EFSF to be used to recapitalise struggling banks – were being considered.

A full copy of the leaked draft, published by the Daily Telegraph, contained the note that Ireland had shown “willingness to participate constructively in the discussions on the Consolidated Common Tax Base draft directive”.

Read more on the proposed deal at RTÉ News >

In full: The draft document being discussed in Brussels (Telegraph) >

Enda Kenny speaking in Brussels this morning on his hopes to secure a better deal:


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11 Comments
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    Mute Daniel Doran
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    Jul 21st 2011, 4:41 PM

    Go Enda go! Looks like playing the long game has paid off! A two percent reduction!

    24
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    Mute Cillian Fleming
    Favourite Cillian Fleming
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    Jul 21st 2011, 5:16 PM

    Enda has deluded the Irish people that the interest rate will solve our problem. This is wrong.

    18
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    Mute Inda Kinny
    Favourite Inda Kinny
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    Jul 21st 2011, 6:10 PM

    Problems?? Think how many houses that we can buy with that extra 2%. We’re going to be rich.

    17
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    Mute Derek Richardson
    Favourite Derek Richardson
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    Jul 21st 2011, 7:28 PM

    2 per cent of someone else debt that we should not have to pay what a resounding victory im elated you dumb heads

    10
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    Mute Stefan Hanrahan
    Favourite Stefan Hanrahan
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    Jul 21st 2011, 5:40 PM

    Burn the banks and free the public and watch as the rest of Europe does the same.
    I would just like to ad that the Germans were the biggest transgressors of debt in the 20th century

    18
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    Mute Cpm
    Favourite Cpm
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    Jul 21st 2011, 5:52 PM

    Let me guess, you’re president of some students’ union, study engineering, you live in a damp bedsit in Rathmines and you spend the evenings stoned out of your box planning the next peoples’ revolution?

    27
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    Mute Patrick Sarsfield
    Favourite Patrick Sarsfield
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    Jul 21st 2011, 5:14 PM

    A pyrrhic victory if that (especially the mumbo jumbo about “participating constructively in the discussions on CCTB”) – if we did what Iceland did, this would not be an issue

    16
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    Mute Noddy Mooney
    Favourite Noddy Mooney
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    Jul 21st 2011, 7:20 PM

    Wow, four prejudices in the one sentence.

    11
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    Mute Cpm
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    Jul 21st 2011, 8:45 PM

    A tad sensitive maybe?

    Do you cry after sex?

    3
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    Mute Mata Mata
    Favourite Mata Mata
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    Jul 21st 2011, 4:40 PM

    We are all experts now so stop treating us like children – what are the conditions !

    10
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    Mute Barry Finnegan
    Favourite Barry Finnegan
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    Jul 21st 2011, 9:40 PM

    Great news …we’re in this mess so this is the best result we can hope for

    3
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