EC denies decision on bailout interest rate cut

EC denies decision on bailout interest rate cut

The European Commission has said no decision has been made on an interest rate cut for Ireland's EU/IMF bailout deal.

A spokesperson for European Commissioner for Economic and Monetary Affairs, Olli Rehn, has told the Wall Street Journal that whilst the matter is unresolved the Commission hopes Ireland gets a more favourable rate.

It was reported yesterday that Ireland will get a reduced rate and it will be signed off on before the EU finance ministers' meeting on May 17.

The Department of Finance said any reduction in the interest rate would have to be agreed by all member states.

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