Noonan wants €20bn cut to debt burden

IRELAND would like to see the burden of its debt cut by between €15 billion and €20bn by reducing the cost of its bank bailouts, Finance Minister Michael Noonan has said.

While Ireland was still paying for bank debt, like the €715 million given to Anglo Irish Bank bondholders this week, negotiations were ongoing with European institutions to reduce debts before returning to the markets, he explained: “We’re open to suggestions from them ... I would be prefer if we were €15bn to €20bn lower on the overall burden of debt going back into the markets in 2013.”

However, Mr Noonan claimed Ireland was well on its way to restoring its international reputation, but the Irish people think things are worse than they are.