Sunday 23 July 2017

Interest rate on rescue deal was 'a slap in face'

Economic experts agree that the terms of the bailout must be renegotiated, writes Daniel McConnell

Daniel McConnell

Daniel McConnell

EU countries have "run out of sticks with which to beat Ireland", and the interest rate being levied on the €85bn bailout fund is no more than a "slap in the face", one leading international economist has said.

Several other leading financial commentators have said this weekend that the EU should halve the interest it is charging Ireland on the bailout or risk condemning the country to continued economic turmoil.

Eminent Citigroup economist and commentator Willem Buiter declared in Dublin that the "crazy feature" of the European Commission, ECB and IMF bailout for Ireland was the 5.8 per cent interest rate imposed by our partners in Europe.

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