Ireland’s debt interest rate tops Greece, Italy, Spain

Ireland is still paying a higher interest rate on national debt than Greece, Italy, and Spain, despite claims that years of austerity measures have left the country in a better position than other recession-hit nations.

Senior National Treasury Management Agency (NTMA) officials confirmed the situation at a meeting with the Public Accounts Committee yesterday, amid claims Ireland is being charged €2bn more than Greece every year.

Responding to questions from PAC chairman and Fianna Fáil TD Seán Fleming, NTMA chief Conor O’Kelly said Ireland is currently being hit with a 3.3% interest rate on national debt. He confirmed Italy and Spain have an interest rate of 3.1% each, while Greece is facing a rate of just 2.1%. He said the “international comparisons are mind boggling” and must be addressed.