Germany backs Ireland’s call for 1pc interest rate cut
Published 20/06/2011 | 16:05
Ireland has received the backing of Germany for a 1pc rate cut on the EU portion of the €67.5bn bailout loans.
Tanaiste Eamon Gilmore held talks with German foreign minister Guido Westerwelle in Luxembourg today, after which a spokesperson said the Germany is backing Ireland's call for a reduction in the interest rate payable on the bailout funds.
The Government has sought a 1pc reduction in the interest rate, a call blocked by France which is insisting that Ireland raise its 12.5pc corporation tax rate as a condition to any changes to the bailout terms.