Banking on yet another deal

Since the bailout, Ireland has won several concessions. But the biggest prize remains to be fought over, writes Cliff Taylor.

13th April, 2013
Minister for Finance Michael Noonan welcoming Mario Draghi, European Central Bank president, to Dublin Castle prior to Friday's informal meeting of Ecofin ministers. Photo: Mac Innes Photography

Like a parent doling out sweets to a child in return for good behaviour, EU finance ministers have signed off on an extension of the time Ireland and Portugal will have to repay loans given as part of their bailouts. Like the deal done on the promissory note, the key advantage for Ireland is in spreading out the time over which we repay our borrowings - in this case, an additional seven years.

The difficult...

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