Govt welcomes EU debt plan but crisis fears continue

Taoiseach Enda Kenny and Finance Minister Michael Noonan have both welcomed an agreement which could improve the terms of Ireland’s EU/IMF bailout deal.

Ministers from the 17 eurozone countries at a meeting in Brussels last night promised changes to the European Financial Stability Fund (EFSF), including cutting interest rates, extending payback time for loans and allowing countries to buy back their debts at now-reduced market rates.