IMF official Chopra says Ireland’s first payment on any draw-down does not start for four and a half years. They have ten years to pay back the loan, according to a Reuters headline.
The terms of these bailouts went from being quiet punitive in the case of the original Greek terms (three years) to pretty cushy in the case of Ireland (10 years). Portugal will probably get 20 years to repay when they inevitably come calling…
