Noonan to ask EU for 40% cut to debt

Ireland will officially ask for changes to the EU bailout that could take up to 40% off the country’s debt figures when eurozone ministers meet in Brussels today.

The request comes after the successful return to the markets last week and follows promises by EU leaders to make changes to the massive debt that many believe is unsustainable.

Finance Minister Michael Noonan, anxious to follow up on the decision by EU leaders 10 days ago, will set the ball rolling on making the repayment of €64bn put into the banks cheaper.