EU ministers agree payback extensions

Preparations to ease Ireland’s exit from the bailout and back into the markets took another step forward yesterday with agreement to allow the country longer to repay at least some of its borrowings.

Final agreement on the details is expected to be included in a package being prepared by the troika and which will be discussed by EU finance ministers in Dublin next month.

The moves, which will not necessarily cut the cost of the bailout but will mean not too much money is repayable at the same time, was welcomed by Finance Minister Michael Noonan.