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Portugal and Ireland to be given more time to repay bailout

  • Portugal and Ireland have been given an extra seven years to pay back their emergency bailout loans.

    The European Union and the International Monetary Fund (IMF) bailed out the Republic of Ireland in 2010 and Portugal the following year.

    The 17-member group that uses the euro currency made the announcement following a meeting of finance ministers in Dublin on Friday.

    The move comes in a bid to give the countries' financial systems more time to recover from the debt crisis after their bailout loans run out.

    Ireland’s bailout funds run out this year while Portugal’s will run out in 2014.

    Meanwhile, the ministers also discussed a $13 billion EU bailout loan for Cyprus that was ready for approval by member states.

    If the IMF gives the green light, the first tranche could be released by mid-May.

    Know about the geographical locations in Ireland through Ireland Map

    Tagged as: Portugal and Ireland, Portugal and Ireland news, business news, Portugal and Ireland loan extensions