Boost for hopes to reduce bailout rate

IRELAND’S campaign to have the EU reduce the interest rate it charges for the €67.5 billion emergency aid received a boost last night after finance ministers met in Brussels to overhaul the loan facility.

While the discussions are at a very early stage, cutting the interest rates could form part of the final package of a reformed EU mechanism to help out countries under pressure from the markets according to eurozone head, Jean Claude Juncker.

“In general terms, the lowering of interest rates of the countries concerned was discussed, but not in sufficient detail to produce an outcome. It will be part of the ingredients of the components of the comprehensive package we will produce,” he said.