Howlin confirms Ireland wants more time to pay off debt

Howlin confirms Ireland wants more time to pay off debt

Minister for Public Sector Reform Brendan Howlin has confirmed for the first time that Ireland wishes to re-schedule its debt under the EU/IMF rescue deal.

He told Reuters news agency that Ireland will not accept less favourable treatment than other bailed-out countries.

The comments are the first indication from the Government that Ireland's debt levels are unmanageable, and should be paid off over a longer timeframe.

Minister Howlin said Ireland wanted a better interest rate and longer term liquidity for the banks.

UL economics lecturer Stephen Kinsella said there now appeared to be a clear intention to get a more manageable deal for Ireland.

"The idea will be that it will be extended out into the future. The interest payment from the Irish Government will have to drop to a manageable level," he said.

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