Pakistan

Relief For Eurozone: Ireland, Portugal given debt extension

The ultimate aim of the bailouts is to stabilise the public finances in both countries.

Afp March 17, 2013 Less than a minute read

BRUSSELS: Euro-zone finance ministers approved early Saturday plans to give Ireland and Portugal more time to pay back some of their massive rescue loans.

The ultimate aim of the bailouts is to stabilise the public finances in both countries so that they are eventually able to return to the money markets to raise fresh finance.

Final details will be settled after talks between the two countries and their Troika of creditors: the International Monetary Fund, the European Union and the European Central Bank.

Ireland and Portugal have made progress in meeting their debt and public finance targets and appear close to returning to the markets, with both having recently sold sovereign bonds.

Easing the terms of their debt repayments will allow them more leeway in managing their recovery.

Published in The Express Tribune, March 17^th, 2013.

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