Ireland has ‘strong case’ for rate cut

IRELAND had a strong argument for having the EU and IMF reduce the rate of interest they are charging the country for loans due to total €67.5 billion, according to an EU official.

There are fears that Ireland’s case will not be pushed sufficiently over the coming weeks while the country waits to elect a new government and lacks ministers dedicated to winning the support of other EU states.

An EU official talking said: “A significant cut in interest rates would not be easy. But Ireland has a strong argument on the basis of debt sustainability”.