Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Tuesday 28 March 2023 Dublin: 10°C

# European Financial Stability Facility

All time
# Every Little Helps
Debt deals mean we're borrowing €20bn less in next decade - Noonan
The finance minister gives his formal tip-of-the-hat to the news that the two European bailout funds are delaying repayments.
# Bailout loans
Eurozone bailout fund gives Ireland seven more years to repay loans
Good news for Michael Noonan this morning…
# Bailout loans
Ireland gets another seven years to repay its European bailout loans
EU finance ministers have officially signed off on a deal which means the average European loan will be repaid in 19.5 years.
# Bailout
Ireland gets another €1.6 billion in bailout loans from the EFSF
That’s on top of the IMF loans announced earlier today – and these ones will be on the books until 2042.
# Bailout
EU finance ministers confirm deal to delay Ireland's bailout repayments
Ministers have asked the Troika to come up with a proposal on the best options for extending the maturities of Irish loans.
# Bailout
Deal could delay repayment of Ireland's EU bailout loans
The detail of extended loan repayments on the EU portion of Ireland’s bailout is still to be worked out but could save the State significant amounts of money in the coming years.
# Bailout
Eurozone finance ministers agree to examine Ireland's loan repayments
The deal has been hailed by finance minister Michael Noonan as having the potential to save Ireland billions of euro.
# Downgrade
Eurozone's new bailout fund loses AAA credit rating
The European Stability Mechanism has been downgraded by Moody’s, following a similar drop for France.
Government to ratify ESM today following Supreme Court ruling
The EU’s permanent bailout fund still has to clear the hurdle of the German Constitutional Court which is expected to issue a ruling in September.
# Pulling The Plug?
IMF refuses to deny reports that it may cut Greek funding
Der Spiegel says the IMF wants out of Greece as soon as the ESM kicks in in September – and the IMF won’t deny it.
# Spain
No split between banks and sovereign - for now - as Spain secures bailout
The assistance – of up to €100 billion – comes with terms and conditions, while banks and the sovereign haven’t been split just yet.
# Eurozone
Explainer: Have Spain and Italy been 'bailed out'?
Germany has reportedly relented and will allow the ESM to buy bonds directly, which could save Spain and Italy.
Opinion: ‘Rejection could force Ireland to greater austerity’
On a ‘Yes’ vote: IBEC Director General Danny McCoy says that voting against the fiscal compact could bring dangerous economic instability and uncertainty.
# ESM Treaty
Kenny wants ESM amended to allow direct loans to banks
The Taoiseach tells the German edition of the Financial Times: ‘There’s a widespread belief that the ESM should lend to banks.’
# Bond Auction
Borrowing costs for eurozone bailout fund fall after Greek deal
The EFSF issues a new round of 6-month bills – with interest rates significantly lower than at the same time last month.
EU bailout fund overcomes downgrade with successful bond auction
The EFSF sells six-month bills with an average interest rate of 0.2664 per cent – despite being downgraded yesterday.
# Downgrade
Bailout costs likely to rise after S&P downgrades EU fund
Standard & Poor’s downgrades the European Financial Stability Fund, meaning our future loans will probably cost us more.
# Bailout
EU fund issues new bonds to pay for Irish bailout
The European Financial Stability Fund says it issued €3bn in three-year bonds, at a rate over four times cheaper than we’d get.
# Eurozone
Hold the phone: EU finance ministers to hold teleconference over debt crisis
The talks are expected to focus on measures to boost the International Monetary Fund’s firepower.
# Eurozone
Eurozone finance ministers look to IMF for help as bailout fund falls short
It’s now feared the European Financial Stability Fund does not have sufficient firepower to rescue distressed countries.
# Eurozone
Eurozone finance ministers hold talks amid fears of euro breakup
US president Barack Obama has weighed in with a call for EU countries to find a solution to the spiralling debt crisis.
# Eurozone
Eurozone 'has ten days to save itself, or collapse' - analyst
Wolfgang Münchau, associate editor of the Financial Times, believes catastrophe is coming if a deal is not struck by December 9.
# Eurozone
Martin says there's weeks to save the euro amid reports of French-German split
Micheál Martin has been critical of France and Germany’s role in the eurozone amid reports the region’s two largest economies are split on the role of the European Central Bank.
# Eurozone
EU leaders strike 'comprehensive' debt deal after hours of talks
Greek debt will be written down by 50 per cent, with the EU bailout fund boosted to around €1trillion.
# Eurozone
Enda Kenny: New hope for deal to tackle EU crisis
The Taoiseach has said EU leaders were “focused on fundamentals” for the first time as they met in Brussels.
# Eurozone
G20 finance ministers open door for larger IMF role in fighting crisis
Ministers from the world’s 20 major economies invite the IMF to come up with a plan of action for fighting the debt crisis.
# Eurozone
Barroso's banking plan could mean more countries opting for bailout
Jose Manuel Barroso wants banks to increase capital – saying governments can foot the bill by borrowing from the EFSF.
# Slovakia
Government falls as Slovakia rejects Eurozone bailout expansion plans
However the bill is now set to go to another parliamentary vote later this week where it will likely pass.
# Eurozone
Slovakia parliamentary vote crucial to Eurozone bailout fund
The hopes of expanding the Eurozone’s bailout mechanism lie in the hands of Slovakia’s parliamentarians who are expected to vote today.
# Crunchtag
Major win for Merkel as German parliament passes bailout vote
Only 15 of Angela Merkel’s MPs vote against a bill expanding Germany’s bailout liabilities – meaning she retains her majority.
# Greece
Merkel warns against Greek default - but says 'firewall' is needed
A ‘firewall’ is needed in order to stop Euro members falling like dominoes, Angela Merkel says – though Greece is sustainable for now.
# Bailout
European Commission reduces margin on Irish bailout to zero
The EC says it’s lowering the interest on its part of Ireland’s bailout loans in line with that of the Eurozone’s portion.
# Bailout
Kind words from IMF as new bailout loans are approved
Ireland’s about to go €7.5bn further into the red – but the IMF insists that there’s cause for optimism as it approves new loans.
# Debt Crisis
Barroso warns: the Eurozone debt crisis is spreading
The President of the European Commission tells us what we already know, as he calls for “full backing” for struggling countries.
# Bailout
Bailed-out Ireland could stump up €11.1 billion… to pay for new bailout fund
The new European Stability Mechanism will need will claw back a huge amount of the loans it’s already giving us.
# Bailout
Irish bailout rate 'cut to under 4 per cent' by draft agreement - report
RTÉ says a draft agreement being considered in Brussels would slash our interest rate and extend our repayments.
# Eurozone
Enda Kenny: Tomorrow's EU summit probably won't strike a big deal
Enda Kenny says tomorrow’s EU summit probably won’t reach a deal – but France is promising a “strong message”.
# Bailout
Change to Europe's bailout fund "very good news" for Ireland
Enda Kenny and Michael Noonan say a change to the way money is paid back will regain the confidence of potential investors in Ireland.
# Bailout 2?
Here's how a new deal on EU bailouts could help Ireland escape a second one
A nutshell guide to how an amendment to the European Stability Mechanism could help Ireland get back on its feet.
# Bailout
European finance leaders sign off on Portugal's €78bn bailout
Portugal will borrow over 7.5 years at an average interest rate of 5.7 per cent – slightly less than the 5.83 per cent we pay.