Ireland may be allowed to delay payment on bank-bailout IOUs

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Ireland has been negotiating to a long-term restructuring of its bank bailout mechanism but that process is unlikely to be completed before a EUR 3.1 bln payment comes due on March 31. Ireland may be allowed to issue another promissory note to cover the cash payment, Bloomberg reports.

Ireland is thought to be trying to leverage better terms on the bank bailout in exhange for pushing a yes vote on the fiscal compact when it goes to a referendum…

EUR/USD remains pressured with the Irish news just one more reminder that the European debt crisis is far from over, no matter the outcome in Greece this week.

One Comment

  1. Pay the interest on an IOU with a new IOU.

    What could go wrong?

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