Brussels, 04/12/2012 (Agence Europe) - Eurogroup is not prepared to give Ireland and Portugal (which along with Greece are the three eurozone nations currently in receipt of international aid) the same lending terms as recently granted to Greece. The head of Eurogroup, Jean-Claude Juncker, said the question had not be discussed on Monday evening, but he didn't think Eurogroup was prepared to grant similar treatment to Ireland and Portugal as had been granted to Greece last week. He was speaking on Monday 3 December after a meeting of the eurozone finance ministers.
Last week, Greece's international lenders reached agreement on getting the Greek debt back on a sustainable track. Alongside a buy-back of Greek bonds still in private hands by the government (see related article), the troika (the European Commission, the European Central Bank and the IMF) has granted a ten-year holiday on interest rate payments and a further cut in interest rates on the loans already granted.
Ireland and Portugal have been allowed to keep for themselves profits made on Greek bonds held by their central banks.
Juncker said the eurozone was prepared to help Portugal until it had managed to return to the money market unaided, which is expected some time next year. He mentioned the next instalment of aid for Portugal, €2.5 billion (€1.6 billion from the EFSM and ESM and €0.9 billion from the IMF). (MB/transl.fl)