Delay in cut to bailout interest rate not a setback, insists Kenny

THE Government has insisted that the delay in securing an interest rate cut on the bailout loans is not a setback.

Taoiseach Enda Kenny had been hoping to secure a cut of circa 1% at the two-day summit of fellow European leaders, but the unfolding crisis in Portugal has dominated the meeting, which is due to conclude today.

As a result, decisions on Ireland’s case — and the interest rates in particular — have been pushed back.