Bailout servicing gets €40bn boost

The country will have to find €40bn less between 2015 and 2022 to service its bailout debts, thanks to getting an extra seven years on average to repay the EU bailout funds and the deal on the Anglo Irish promissory note.

However, Ireland’s total debt of €200bn will have to be repaid, but Finance Minister Michael Noonan said the cash flow benefit of not having to find an extra €40bn over the next decade will raise the chances of Ireland emerging from the bailout later this year.

Ireland’s recovery depends on its global partners growing, he said. But if the US gave up printing money — quantitative easing — too suddenly with Europe still in recession it would cause of lot of trouble, he told the economics committee of the European Parliament.