Ministers give Greece next tranche of EU loan

EUROZONE finance ministers agreed last night to give Greece the next tranche of its EU/IMF loan of €8 billion, ensuring it will not default in the next few weeks, but the battle between France and Germany on extending the firepower of the EU’s rescue fund continued to rage.

Some of Ireland’s most senior finance officials and the Financial Regulator Matthew Elderfield were in Brussels with Finance Minister Michael Noonan, who said on his way into the meeting, “Naturally enough we’re watching Ireland’s interests all the time”.

The Government is hoping to cut the cost of the €30bn worth of promissory notes on Anglo Irish Bank by borrowing from the EFSF to buy back the notes that, under the current arrangement, are estimated to cost the country €82bn by the time they are finally paid off in 2030.