According to this article, the European Union is weighing whether to extend Ireland's rescue loans by five years or more, buttressing the government's efforts to become the first country to exit a bailout since the euro region debt crisis began.
Five options are under consideration as Ireland prepares to exit its rescue programme later this year. The other alternatives include taking no action at all, extending the loans by two-and-a-half years or five years, and re-profiling current loans so that more of them come due later without extending overall aid maturities.
“There’s willingness across all members to do something for Ireland and Portugal in this area, and there are varying levels of difficulty which different countries have in positioning it”, Irish Finance Minister Michael Noonan said.
Noonan mentioned five options, without discussing details, and said that other EU nations might need to seek approval from their parliaments depending on how debt extensions are structured. He said some nations might seek to bundle decisions on Ireland, Portugal and a new aid package for Cyprus in order to minimise their requests to national lawmakers.
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