Swedes approve IMF loan repayment

The Swedish parliament yesterday said Ireland may pay back part of its bailout loans to the International Monetary Fund early, giving the final EU approval needed for Dublin to begin repayment.

Ireland won agreement from Europe to pay the IMF before it repays aid from the European bailout funds and just needed the new Swedish government to ratify the amended terms in parliament before the deal is fully signed off.

The Government wants to replace the more expensive IMF loans with cheaper market funding to reduce the carrying cost of a national debt that ballooned to 110% of annual output this year after the economy and banking sector crashed.