Intense talks bid to slash Greece’s debt

Eurozone ministers and their experts were involved in intense negotiations and number crunching last night to work out a way to reduce the amount of money Greece will owe in 2020.

Finance Minister Michael Noonan insisted any debt decrease Greece gets will not apply to Ireland. “The package that is being discussed won’t be applicable to Ireland. This is a special and particular case. There is no crossover into Ireland’s affairs.”

The IMF has threatened to pull out of the Greek rescue deal, where they are responsible for contributing about €50bn of a total €246bn loan to the deeply cash-strapped state.