EU to sign Irish loan deal before Christmas

THE EU will sign the loan agreement with Ireland before Christmas and be ready to raise the bailout money in the new year, the head of the European Financial Stability Fund announced following last night’s eurozone finance ministers meeting in Brussels.

There was no agreement on creating eurobonds — a loan facility that could take all eurozone countries out of the markets when looking for money — or of increasing the €750 billion fund despite pressures from some governments and economists.

But it was clear that the ministers are moving closer to formulating some kind of eurobond perhaps by putting money into a debt agency.