Noonan: Progress on bank debt deal

The ECB will be happy to swap the €31bn of promissory notes, reducing the debt burden on taxpayers, if the right deal can be made, sources in Frankfurt say.

Noonan: Progress on bank debt deal
Wed, 18 Jul, 2012 - 01:00
Ann Cahill

The ECB will be happy to swap the €31bn of promissory notes, reducing the debt burden on taxpayers, if the right deal can be made, sources in Frankfurt say.

Following a 90-minute meeting with ECB president Mario Draghi, Finance Minister Michael Noonan said he was “making progress” on restructuring the cost of the €64bn bank debt.

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