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Dublin: 8 °C Friday 25 April, 2014

Joan Burton: ‘Cutting price of promissory notes will help us pass referendum’

In an interview in the Financial Times, the social protection minister openly calls on the EU to restructure the promissory notes.

Image: Sasko Lazarov/Photocall Ireland

A SENIOR MINISTER has openly called on the European Union to allow Ireland to restructure the promissory notes for Anglo Irish Bank, saying a reduction in the cost of the notes would help the government to pass the referendum on the fiscal compact.

In an interview with the Financial Times (subscription may be required), Joan Burton said movement from Europe – which has blocked any previous requests from Ireland to allow the bonds be restructured – would “emphasise once again the solidarity that Ireland has received from the eurozone”.

She told the FT’s Jamie Smyth that the public had “made enormous sacrifices in terms of austerity”, and that the promissory notes – which are to be repaid in annual €3.1 billion instalments over the next 17 years – should be instead repaid over 50 years in order to minimise their impact.

Burton also said a ‘No’ vote in the referendum would “fundamentally” change Ireland’s relationship with the eurozone.

Read: Jamie Smyth’s full interview at FT.com >

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