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Ireland, Portugal seek delay on loan repayments

Ireland, Portugal seek delay on loan repayments
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Eurozone ministers have met in Brussels to discuss how Portugal and Ireland can return swiftly to borrowing from the capital markets.

Both bailout countries have been seeking a delay on repaying their loans; both of them hit by a deep recession and high unemployment rate.

Michael Noonan, the Irish finance minister, said Dublin is seeking a 15-year extension to its EU and IMF loans.

“If Portugal takes the lead, will certainly be supporting the position as outlined, but it has been signaled to me already that there will be a discussion at both meetings. There isn’t an expectation at this stage of an offer being made to Ireland and Portugal”

Euronews’ correspondent in Brussels Isabel Marques da Silva said the single currency bloc is also debating possible conditions for a Cyprus bailout.

“The most difficult points are the measures to fight against money laundering and the extent of the participation of the private debt holders,” she said.