http://www.irishtimes.com/business/economy/ireland/euro-zone-ministers-reach-agreement-on-irish-loan-deal-1.1358329
Euro zone ministers reach agreement on Irish loan deal Confidence non-euro ministers will support seven year extension - Pictures - Video [image: European Central Bank president Mario Draghi is welcomed by Minister for Finance Michael Noonan at the opening the Ecofin meeting in Dublin Castle this morning. Photograph: David Sleator/The Irish Times] European Central Bank president Mario Draghi is welcomed by Minister for Finance Michael Noonan at the opening the Ecofin meeting in Dublin Castle this morning. Photograph: David Sleator/The Irish Times Arthur Beesley <http://www.irishtimes.com/business/economy/ireland/arthur-beesley-7.1010660> - *Topics:* - Business <http://www.irishtimes.com/business> - Economy<http://www.irishtimes.com/search/search-7.1213540?article=true&q=Economy> - Jeroen Dijsselbloem<http://www.irishtimes.com/search/search-7.1213540?article=true&tag_person=Jeroen%2BDijsselbloem> - Michael Noonan<http://www.irishtimes.com/search/search-7.1213540?article=true&tag_person=Michael%2BNoonan> - Ecofin<http://www.irishtimes.com/search/search-7.1213540?article=true&tag_company=Ecofin> - Cyprus<http://www.irishtimes.com/search/search-7.1213540?article=true&tag_location=Cyprus> - Ireland <http://www.irishtimes.com/news> - Portugal<http://www.irishtimes.com/search/search-7.1213540?article=true&tag_location=Portugal> Fri, Apr 12, 2013, 14:59<http://www.irishtimes.com/business/economy/ireland/euro-zone-ministers-reach-agreement-on-irish-loan-deal-1.1358329#> *First published:* Fri, Apr 12, 2013, 08:07 - 1<http://www.irishtimes.com/business/economy/ireland/euro-zone-ministers-reach-agreement-on-irish-loan-deal-1.1358329#article_comments_holder> - - - - <http://www.irishtimes.com/business/economy/ireland/euro-zone-ministers-reach-agreement-on-irish-loan-deal-1.1358329#> <http://www.irishtimes.com/cmlink/the-irish-times-business-1.1319195> Euro zone finance ministers agreed this afternoon in Dublin to extend Ireland<http://www.irishtimes.com/search/search-7.1213540?tag_location=Ireland&article=true>'s bailout loans by seven years, a move designed to ensure a smooth exit from the EU-IMF rescue programme later this year. Although the decision is contingent on the 10 non-euro ministers giving their supporting the extension at a meeting now under way, there is confidence in official circles that they will follow suit. The agreement of the non-euro ministers is required as they oversee the European Financial Stability Mechanism, a European Commission fund which is providing loans to Ireland under the rescue plan. The decision of the euro zone ministers applies to the European Financial Stability Facility, the euro zone fund. - [image: Jeroen Dijsselbloem, president of Eurogroup takes his seat at an informal meeting of economic and finance ministers at Dublin Castle this morning]Rescue deal for Cyprus is ready for national parliaments <http://www.irishtimes.com/business/economy/europe/rescue-deal-for-cyprus-is-ready-for-national-parliaments-1.1358506> - [image: Dutch finance minister Jeroen Dijsselbloem: An imminent deal to postpone Ireland’s bailout repayments will be enough to secure a smooth exit from the EU-IMF programme later this year]Euro zone believes deal will see Ireland exit bailout this year <http://www.irishtimes.com/news/politics/euro-zone-believes-deal-will-see-ireland-exit-bailout-this-year-1.1357863> - [image: Jeroen Dijsselbloem: president of the eurogroup, in his alma mater UCC yesterday. Photograph: Michael Mac Sweeney/Provision]Jeroen Dijsselbloem: ‘Outlook for Ireland is rather positive’ <http://www.irishtimes.com/business/economy/europe/jeroen-dijsselbloem-outlook-for-ireland-is-rather-positive-1.1357692> The Irish Times takes no responsibility for the content or availability of other websites. The development should make it easier for the Government to sell new debt to private investors as reduces the amount of money it needs to borrow as the State makes its return to markets. "We congratulated the Irish authorities for the continued steadfast implementation of the programme and their successive steps taken towards a full return to market financing towards a full return to market financing at the end of the year," said Dutch finance minister Jeroen Dijsselbloem<http://www.irishtimes.com/search/search-7.1213540?tag_person=Jeroen%20Dijsselbloem&article=true>, who leads the euro zone ministers. "Ireland is a living example that adjustment programmes do work provided there is a strong ownership and genuine commitment to reforms,” he said. Mr Dijsselbloem said the move was proposed by the EU-IMF troika and the EFSF fund "to smooth the redemption humps and reduce the refinancing needs" of the State. "The ministers of the euro group would like to take a definite and positive decision on this extensionof the maturities of the loans by seven years pending the decision of the Ecofin<http://www.irishtimes.com/search/search-7.1213540?tag_company=Ecofin&article=true>colleagues later this afternoon, of course provided they continue successful to implement their programme as to be confirmed by the troika," he added. EU Economics Commissioner Olli Rehn welcomed the extension of maturities, which will also apply to Portuguese bailout loans. "This is another very important step forward towards a sustained return to full market financing for both countries," Mr Rehn said. "Of course it is crucial that both Ireland and Portugal<http://www.irishtimes.com/search/search-7.1213540?tag_location=Portugal&article=true>continue along the path of determined programme implementation because ultimately the combination of growth enhancing structural reforms and consistent fiscal consolidation that will firmly reestablish investor confidence and ensure that the Irish and Portuguese people can put this very hard crisis behind them and move on to sustained growth and job creation. "I hope and in fact I trust that the Ecofin this afternoon will as well take a similarly supportive decision for Ireland and Portugal when it comes to extending the maturities of loans under the European Financial Stability Mechanism, which is the comuinities instrument." European finance ministers and central bank governors have gathered for the first of two days of informal meetings of the Ecofin group in Dublin. Other issues on the agenda are the creation of a European banking union and strengthening financial stability in the euro zone. "Banking union will further reinforce financial stability by diluting the link between banks and their personal sovereign, accordingly the Commission believes that the timeline for establishing a banking union should be as short as possible,"Mr Rehn said ahead of the talks. The meeting will also provide finance ministers with the first opportunity to discuss the fallout from the Cyprus<http://www.irishtimes.com/search/search-7.1213540?tag_location=Cyprus&article=true>bailout debacle which has seen bank depositors targeted for the first time. Responding to reports that Cyprus will have to find another €6 billion from its own resources for its programme, Mr Dijsselbloem said there was “no surprises” in the situation. A number of groups are planning protests to coincide with the meeting. Representatives of the Garda Representative Association have been outside protesting with placards since 7.30am, while the Campaign Against Home & Water Taxes say thousands will march on Dublin Castle tomorrow in a show of opposition to property tax and austerity. -- You received this message because you are subscribed to the Google Groups "Epistemology" group. To unsubscribe from this group and stop receiving emails from it, send an email to epistemology+unsubscr...@googlegroups.com. To post to this group, send email to epistemology@googlegroups.com. Visit this group at http://groups.google.com/group/epistemology?hl=en. For more options, visit https://groups.google.com/groups/opt_out.
