Reports that the European Central Bank (ECB) has rejected proposals to restructure payments to the former Anglo Irish Bank (IBRC) have stoked fears that the government will be forced to stump up another €3.1 billion in March. Failure to reach agreement may be seen as a political defeat. But the political risks are probably greater than the economic implications.
Far from an exorbitant interest cost, the notorious promissory notes actually represent the most cheaply funded...
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