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Ireland gets more time for bailout repayment and interest rate cut

Euro zone leaders agree on new bail out deal

CATHY HAYES,

IrishCentral.com Staff Writer

Published Thursday, July 28, 2011, 4:17 PM

Updated Thursday, July 28, 2011, 4:17 PM

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Irish Prime Minister Enda Kenny and Deputy Prime Minister Eamon Gilmore speak to the press

The interest rate on Ireland’s bailout package is to be cut by two percent and the loan time doubled, as a result of a new Euro-wide rescue mechanism.

The new deal is understood to be worth between €600 and €800 million a year to Ireland, the Irish Times reports.

According to a draft statement drawn up by euro zone leaders today, Ireland’s bailout interest rate will drop to around 3.5 percent and Ireland will now have 15 years to pay back its debts.

Ireland currently pays an average of 5.8 percent on its multi-million bailout package which was originally supposed to be repaid over 7.5 years.

Meeting in Brussels today, the Euro zone leaders agreed the deal, as well as a lower interest rate for the Greek and Portugal bailout package.
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The deal has been offered on the condition that the government “participates constructively” in future talks on a common EU-wide corporate tax .

Today’s meeting in Brussels was attended by 17 eurozone leaders, IMF head Christine Lagarde, ECB chief Jean-Claude Trichet, and a representative from the Institute of International Finance.

Nster.com

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sirpeter | Jul 27, 2011, 07:48 PM EDT

@DyslexicCitizen.You can run from my comment but you can't hide.

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sirpeter | Jul 24, 2011, 06:03 AM EDT

@DyslexicCitizen.You are some idiot to make that assumtion.Advisory opinions are issued in the absence of a case or controversy. They are not binding and carry no precedential value, they are sometimes offered as persuasive evidence in cases where no precedent exists.Advisory opinions in law are used a hell of a lot all over the world.BUT it's the way you apply advisory opinions in law specifically to law in IRELAND when advisory opinions are used through out the world.Advisory opinions could be applied to any country when it comes to law.HERE'S THE PROBLEM.I ASKED IN MY FIRST COMMENT TO YOU WHAT NEGATIVE IMPACT OPINIONS IN LAW HAD ON IRELAND AND YOU COULDN'T ANSWER ME.BUT THE DEROGATORY TERMS USED AT THE IRISH GOVERNMENT SUCH AS TRAITORS,SCUMBAGS ECT HAVE MORE OF A NEGATIVE IMPACT ON THE PERCEPTION OF IRISH PEOPLE ON IC AND THOSE THAT PERUSE IC THEN THE IMPACT OF OPINIONS IN LAW.THAT'S NOT LOYALITY TO THE IRISH PEOPLE ASSH*LE.YOU DON'T EVEN LIVE HERE.NO IRISHMAN WOULD MAKE A STATEMENT THAT IRISH PEOPLE SHOULD GO BACK UNDER ENGLISH RULE.

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LoyalCitizen | Jul 23, 2011, 05:55 PM EDT

@peasantpeter: You can't claim anything anybody else says is dumb when you cannot figure the impact of opinions in law. You will have to improve your skill level a lot more than they are now. You also seem to exist as the centre of your own universe. There are other people who come on to this site and view the stories. If they read what i say then i have done my duty. You wouldn't know about duty and keeping other people informed.

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sirpeter | Jul 23, 2011, 04:30 PM EDT

@DyslexicCitizen.How long did it take you to type out that comment?It's coherent but still pretty dumb.There was no argument other then the fact you were repeating the same crap for months like a demented lunatic with OCD.Somehow I think your kids if you have any will inherit alot worse.

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greensod | Jul 23, 2011, 02:06 PM EDT

Kinvara7.I hope you are correct. But time will tell.I have other information and more details to support my opinion.Lets watch as it shakes out.

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LoyalCitizen | Jul 23, 2011, 02:00 PM EDT

@peasantpeter: You must be a retarded politician. Never have I seen somebody waffle on and on and on. You lost the argument a long time ago because you cannot figure out how opinions impact on law. I am thankful that your children will inherit your mistakes, if you have any.

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sirpeter | Jul 23, 2011, 12:17 PM EDT

@DyslexicCitizen."Loyal as per rule books that I don't read and understand"????.What kind of grotesque dialect is that?ha ha.Dyslexia alert!!With moderate to severe obsessive-compulsive disorder. No wonder you just repeat and repeat the same crap and don't elaborate.You find it to difficult. ha ha.That's why you had everyone wonder what you were talking about on the Human Rights Forum.I'm sure you think you comment in a coherent style.But you don't.The proof is for all to see below.

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kinvara7 | Jul 23, 2011, 10:40 AM EDT

@Greensod: You must be having a laugh if you think a reading of the above article provides you with the 'details' of the agreement. The wording in relation to future talks on tax is an empty formula; we have merely agreed to participate constructively in discussions, and we will do so and set out our position. However our corporate tax rate will stay the same.

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LoyalCitizen | Jul 23, 2011, 02:08 AM EDT

@peasantpeter: If you were any good you would learn how to be loyal as per rule books you do not read and understand.

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sirpeter | Jul 23, 2011, 12:22 AM EDT

@DickheadCitizen.I think you are more to be pitied then mocked.You're not really very good at expressing yourself are you?I can see now why you keep repeating the same old crap time after time.You are either a 13 year old or really thick as sh*t.What rule should I obey?ha ha.Is it me or Ireland you want back under British rule? ha ha. I don't suffer fools gladly and you are indeed a fool.

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greensod | Jul 22, 2011, 10:32 PM EDT

There goes Irelands corporate tax rate.The devil is always in the details.Sold out again.Good buy to all the big American companies.

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OBPiper | Jul 22, 2011, 08:40 PM EDT

The interest rate is great. I wish I could get that on a federally insured certificate of deposit. Ireland should pay this of in 7.5 years at the lower interest rate and investigate and prosecute all who are liable for its predicament. Do you have capital punishment there?!? If not, let the IRA and the Orangemen team up for the common good for once.

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LoyalCitizen | Jul 22, 2011, 04:42 PM EDT

@sirpeter: You are getting worse after each sentence. You cannot be loyal to traitors and still obey the rule, dimwit. If you can't figure how to be loyal all hope is lost for you. Maybe you should go back to England and British rule because you are in capable ruling yourself.

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eiriamach | Jul 22, 2011, 03:47 PM EDT

At least in the short run, this sounds like good news. The threat of default seems to have worked well for Ireland. It remains to be seen how it will work in Washington DC before the deadline for raising the debt limit.

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sirpeter | Jul 22, 2011, 02:31 PM EDT

@LoyalCitizen.You're becoming much more transparent now.I knew there was an idiot in there somewhere.So you are loyal to loyal Irish Citizens as per the Irish Constitution?Did anybody ever read such bollox.So you are not a loyal citizen.You are only loyal to citizens worthy of your loyalty?Is that it? Well sh*thead no Irish citizen wants your loyalty nor did they ask for it.So take your misplaced loyalty and shove it up your ass.Loyal Citizen indeed.DickheadCitizen is much more fitting.

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