Monday 21 August 2017

What this new rate deal will mean for our future

Taxi drivers clash with riot policemen outside the Infrastructure and Transport Ministry in Athens, Greece, yesterday
Taxi drivers clash with riot policemen outside the Infrastructure and Transport Ministry in Athens, Greece, yesterday

Donal O'Donovan and Emmet Oliver

Did we win? Close enough -- Enda Kenny comes home with a 2pc cut in the interest rate we're paying to borrow from the main bailout fund. It'll save €600m to €800m per year, and it's just for starters.

Yesterday's deal was agreed by the 17 members of the euro that met last night, but they only control one of the rescue funds.

Interest on the second rescue fund is also likely to be cut eventually but that will have to wait for a meeting of all 27 members of the European Union.

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