Ireland’s Kenny Declares Victory as Bank Debt Accord Reached
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Irish Prime Minister Enda Kenny declared victory in his fight to ease the burden of the nation’s rescue of the financial system, boosting his bid to regain the country’s sovereignty.
Under the plan, dubbed ‘Project Red,’ Ireland will swap so-called promissory notes used to rescue the failed lender Anglo Irish Bank Corp., with long-term bonds with maturities of up to 40 years, Kenny said in parliament in Dublin today. The accord will ease the nation’s borrowing needs over the next decade by 20 billion euros ($26.8 billion), he said.