Has FG conceded defeat on our €64bn debt?

Minister for Finance Michael Noonan is on a week-long trek around Europe seeking to make better the lot of the Irish people.

Hooray for Michael. During this trek he is meeting the decision makers and influencers who will have hand, act or part in deciding whether Ireland can repay the IMF loan early for, which we currently pay an interest rate of 5%, by borrowing other money at 2%.

The Government claims that by doing this it would reduce the amount of our repayments each year by €375m or thereabouts.