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Rehn expects Ireland’s interest rate on €67.5bn be cut to 5% shortly

AGREEMENT on cutting the interest rate on Ireland’s €67.5 billion loan should happen shortly, European Economics Commissioner Olli Rehn said yesterday.

Wed, 11 May, 2011 - 01:00

Ann Cahill, Europe Correspondent Berlin

He expected it would be cut to about 5% saving the country €400 million in repayments.

He said the Commission proposed a reduction in Ireland’s rate some time ago.

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