Hopes high for extension deal on bailout loans

Hopes are high for a deal on Ireland and Portugal's bailout debt at a meeting of EU Finance Ministers in Dublin.

The Minister for Finance Michael Noonan has said he is reasonably confident agreement will be reached - meaning Ireland would get seven more years to pay back its debt.

A press conference is being held around now.

The EU Commissioner for Economic Affairs Olli Rehn has said a deal is essential for Ireland and Portugal.

"I expect that we will take a very clear decision today which may be conditional to the meeting of the fiscal parties which is only natural," he said.