Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Euro Finance Ministers Grant Ireland, Portugal Eased Debt Terms

Don't Miss Out —
Follow us on:

March 16 (Bloomberg) -- Euro-area finance ministers agreed to extend maturities on rescue loans to Ireland and Portugal, easing the terms on two recipients of European bailout aid in a show of support for their commitment to austerity.

The ministers gave no details on the extension. Those will be worked out by the so-called troika that oversees euro-area bailouts and the European Financial Stability Facility, the currency bloc’s temporary rescue fund, the finance chiefs said today. The details will be presented to euro ministers at the same time as the memorandum of understanding underlying a rescue program for Cyprus.

“The Eurogroup ministers are determined to support Ireland’s and Portugal’s efforts to regain full market access and successfully exit their well-performing programs, in the context of continued strong program implementation and compliance,” the group said in a statement in Brussels.

Ireland and Portugal have sought to return to the bond market after soaring yields prevented their governments from borrowing in 2010 and 2011. Ireland sold 10-year bonds this week for the first time since receiving its bailout assistance, marking a milestone in overcoming the debt crisis.

To contact the reporter on this story: Patrick Donahue in Brussels at pdonahue1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.