Ireland won’t be able to pass a referendum on European Union fiscal controls without a “substantial re-arrangement” of its debt, Brian Hayes, a junior government minister, told the Sunday Business Post.
Ireland will pay back its debts, the newspaper cited Hayes as saying. Still, the government wants to refinance loans taken to recapitalize banks including Anglo Irish Bank Corp. before the country’s bailout last year, the newspaper said, without saying where it got the information.
Hayes’s role straddles both the Finance Ministry and the Ministry for Public Expenditure and Reform.
The state injected 46 billion euros ($60 billion) into the country’s banks before Ireland’s rescue by the International Monetary Fund and European Union.
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