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Pedestrians are seen walking past a branch of the Anglo Irish Bank in Dublin in 2010. The ghosts of Anglo Irish’s bailout are much less haunting after Ireland saved €20-billion thanks to some debt refinancing. (CATHAL MCNAUGHTON/REUTERS)
Ireland saves €20-billion with some debt refinancing magic
TIM KILADZE
— The Globe and Mail
Published
Last updated
In just one day, Ireland’s saved itself €20-billion ($26.7-million Canadian).
Drowning under the weight of promissory notes it owed to the European Central Bank in return for bailing out Anglo Irish Bank, Ireland worked some magic Thursday to exchange the cumbersome short-term debt for long-term bonds, lowering its annual interest burden from 8 per cent to 3 per cent.
