Eurozone finance chief supports extension to Ireland's bailout loans

EU Finance Ministers will gather in Dublin this morning for an informal meeting at which it is hoped Ireland can secure political agreement for an extension to its bailout loans.

The Informal ECOFIN meeting takes place against a backdrop of speculation about a possible seven-year extension to the maturities on Ireland's EU bailout loans.

This two-day meeting takes place in Dublin Castle as part of Ireland's EU Presidency.

It is an informal gathering and therefore no decisions will be made, but it is hoped political agreement can be reached at least on a seven-year extension to the amount of time Ireland has to repay the EU portion of its bailout loans.

The Troika has recommended the deal for Ireland and Portugal and it has the support of the head of the Eurozone Finance Ministers Jeroen Dijsselbloem.

However, Germany may demand further concessions from Ireland before any agreement is reached.

The issue will be discussed by Eurozone ministers this morning before all 27 EU Finance ministers meet this afternoon.