Ireland set to borrow up to €67.5bn over next three years

THE full extent of the debt millstone Ireland will have to drag through the next decade has become much clearer.

During the next three years the country will borrow between €42.5 billion and €67.5bn from the IMF, the European Financial Stabilisation Mechanism and the emergency European Financial Stability Facility fund. It will draw loans from Britain, Sweden and Denmark.

The amount will depend on the money needed to fund the banking sector and, if the maximum €67.5bn is drawn down, the country will end up paying an anticipated €9.6bn a year to service the interest on our national debt.