EU bailout facility to be discussed

PLANS to change how the EU’s bailout facility works could help push down the rates markets request for loans to Ireland and other hard-pressed euro area countries.

The proposals on how to make the mechanism more flexible will be discussed on Monday by finance ministers from the euro area countries including Finance Minister Brian Lenihan.

There are also unconfirmed reports that the six euro area countries with a triple A credit rating — France, Germany, Austria, Finland, Netherlands and Luxembourg — are due to meet on Monday morning before the general meeting and may be joined by the EU’s three other non-euro countries with the highest rating, Sweden, Denmark and Britain.