Rabbitte: We want more than bailout rate cut

THE expected reduction in the interest rate on Ireland’s EU loan will not be enough for the Government and it will fight to change other terms of the bailout, senior minister Pat Rabbitte has said.

The Government will be watching closely to see what changes Greece achieves as it seeks to ease some of the conditions of its austerity package, Mr Rabbitte said.

Greece is understood to have raised the issue of extending the time it will take to cut its government budget deficit to 3% by up to four years at a secret meeting of the bigger eurozone states in Luxembourg on Friday evening.