FG's Hayes: EU/IMF interest rate hampering recovery

Fine Gael has said it is determined to renegotiate a more sustainable rate of interest on the EU/IMF bailout if the party gets into Government.

The Fine Gael leader and finance spokesperson are to meet the President of the European Commission in Brussels this evening.

Enda Kenny and Michael Noonan are to use the meeting to press Jose Manuel Barroso for a reduction in the interest rate on the EU portion of the €85bn deal.

The party's Deputy Finance spokesperson Brian Hayes said the interest charge, around 6%, was hampering Ireland's economic recovery.

"This country can't go forward as long as we are hampered by this exorbitant interest rate," he said.

"We need to make sure that we have repayments that are payable in the short to medium term. The interest rate is simply to great at the moment."