Kenny seeks debt change for treaty deal

TAOISEACH Enda Kenny has demanded cheaper longer-term loans to cut Irish debt by as much as €20bn and a promise not to touch the corporation tax rate in exchange for agreeing to treaty change.

In a sign of some progress, all leaders signed up to a fiscal compact that includes balanced budget rules, stability and growth pact changes, automatic sanctions for budget offenders and automatic spending cuts if you do flout the rules.

They were continuing to talk about boosting the rescue funds and how the IMF could contribute more to eurozone bailouts.