"Ireland clearly needs to negotiate a stand-by second bailout, Citigroup chief economist Willem Buiter said during a visit to Dublin today.
Mr Buiter, a former member of the Bank of England's monetary policy committee and respected economist, said the most attractive option from Ireland’s point of view would be a reduction on the interest it pays on an outstanding €30 billion in promissory notes, issued mostly to deal with the collapse of Anglo Irish Bank.
He said Ireland is paying in the region of 6 per cent on this money but it could be refinanced at 3 per cent by the European Financial Stability Facility."
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