Coalition backs Greece bailout, but no debt review

The Government is willing to back a “radical” overhaul of Greece’s debts as Athens moves towards applying for a third bailout but the Coalition will not seek fresh concessions on loans owed by Ireland.

Finance Minister Michael Noonan said that Greece was expected to apply for a ‘reprofiling’ of its debt through a third bailout programme. This would involve similar approaches taken by Ireland in reducing its loan obligations, extending maturities on its loans, cutting interest rates on monies owed and refinancing its debt.

“All that kind of thing has been used in programmes already for Ireland, Portugal and Spain and it could of course be used again for Greece,” he said.