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Bailout unfair on Irish public, insists Soros

BILLIONAIRE businessman George Soros (right) said it would be unjust if Irish citizens are forced to absorb the cost of the banking crisis without losses to bondholders.

Mr Soros said at the World Economic Forum in the Swiss ski resort of Davos that Ireland's debts were part of an "unresolved problem" that cannot wait.

"You can't wait until 2013 to start restructuring the debt," he said.

Meanwhile, an EU official said that Ireland had a strong argument for having the EU and IMF reduce the rate of interest they are charging the country.

An EU official talking said: "A significant cut in interest rates would not be easy. But Ireland has a strong argument on the basis of debt sustainability."