Ireland’s second chance an opportunity to cut debt repayments

Ireland has effectively been handed a second chance to write the terms of the bailout.

It is not a blank sheet of paper but it does challenge Irish experts to come up with innovative ways to cut the annual repayments of debts and to make the country look more attractive to investors.

The lucky part of the deal for Ireland is that it has been agreed that the measures now open to Spain and Italy can be applied to Ireland retroactively. So whatever benefits the big countries have won, Ireland can apply to the arrangements it made in the past, especially for bank bailouts.