Statement by the Eurogroup and Ecofin Ministers

EU News 180/2013

12 April 2013

The Eurogroup and Ecofin Ministers discussed today the state of play of the adjustment programmes in Ireland and in Portugal.

Both programmes are broadly on track despite challenging macro-economic circumstances.

(...)

To support their efforts to regain full market access and successfully exit their programmes, we agreed in principle, subject to national procedures, to lengthen the maturities of the EFSM and EFSF loans to Ireland and Portugal by increasing the weighted average maturity limit by 7 years provided their continued successful programme implementation is confirmed by the Troika together with the 9th review of the Irish adjustment programme and the 7th review of the Portuguese programme. The extension would smooth the debt redemption profile of both countries and lower their refinancing needs in the post-programme period.

Source and additional information:
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/136772.pdf

File Photo: Eurogroup 24/03/2013. Credit: The Council of the European Union URL

 

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