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Irish Debt Rallies After ECB Deal on Anglo Irish Bank

Ireland’s five-year note yields fell to the lowest in more than seven years after the nation won an agreement to restructure the costs of rescuing the former Anglo Irish Bank Corp.

Under the plan, dubbed ‘Project Red,’ Ireland will swap so called promissory notes used to rescue the failed lender with long-term bonds with maturities of up to 40 years. The accord will ease the nation’s borrowing needs over the next decade by 20 billion euros ($26.8 billion).