Skip to comments.Ireland and Portugal given extra time to pay back bailout loans
Posted on 04/13/2013 10:34:12 PM PDT by Olog-hai
The European Unions finance ministers today decided to give Ireland and Portugal an extra seven years to pay back loans granted to them as part of their bailouts.
The decision, taken by ministers at their meeting in Dublin, should make it easier for those countries to leave their bailout programs and return to normal bond financing markets in the coming months.
Ireland was forced into a 67.5 billion ($88.3 billion) rescue in November 2010 and will receive its last installment in November this year. Portugal obtained a deal worth 78 billion ($102 billion) in May 2011 and will receive its last portion in May next year.
(Excerpt) Read more at europeanvoice.com ...
All this is a consequence of an emerging federal state trying to impose fiscal restraint and balanced budgets on its members, which is what conservativism is all about (to some people around here).
Everyone knows that the sovereigns will NEVER repay their unpayable debts. Instead, it IS about maintaining indefinitely the ILLUSION that they will so so. The Ponzimonium can continue if the illusion can be maintained. Keeping the big lie alive prolongs the game. Perpetual financial Viagra.