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Ireland Flags Extension Of Bailout Beyond 2013

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Euro zone countries have agreed to keep funding Ireland beyond 2013 if it is not able to tap debt markets, Finance Minister Michael Noonan said on Friday, signalling for the first time doubts about Dublin's ability to regain its economic sovereignty.

Euro zone leaders agreed a second rescue package for Greece at an emergency summit in Brussels on Thursday and Noonan said part of the deal involved a pledge to keep propping up Ireland and Portugal provided they were meeting targets under their existing rescue programmes.

"There is a commitment that if countries continue to fulfil the conditions of their programme the European authorities will continue to supply them with money even when the programme is concluded," Noonan told Irish state broadcaster RTE.

"The commitment is now written in that if we are not back in the markets the European authorities will give us money until we get back in the markets."

Was this in the small print? Ireland gets a perpetual bailout from the EU.

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17.30 Chancellor George Osborne has said that the Government will cut the rate of interest on its £3.26bn loan to Ireland.

Mr Osborne insisted easing the pressure on the struggling country was in the UK's "national interest". He said:

Quote I've been arguing for some time that the interest rates charged for eurozone loans were too high. I'm pleased therefore they have now reduced those rates.

That enables Britain to cut its rate on its loan to Ireland, while ensuring all of the benefit goes to Ireland and not to higher interest rates paid to euro area governments. We will still be more than covering the cost of our borrowing.

We stayed out of the Greek bailout as promised. But, for Britain, Ireland is a special case. Our loan will help them and is in our national interest.


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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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