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Ireland Seeks to Force Losses on Banks’ Senior Bondholders

Ireland said it wants to impose losses on banks’ senior bondholders, increasing the pressure on European policy makers to cut the costs of its bailout and provide longer-term financing for the country’s lenders.

The government, which took office last month, wants “a sustainable and comprehensive solution that involves recapitalization, but also an element of burden sharing as well as a funding package for Irish banks,” Agriculture Minister Simon Coveney told broadcaster RTE in an interview yesterday. “A lot of delicate and difficult discussions are going to take place over next two to three weeks, if not slightly longer.”