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Ireland’s long, hard struggle to avoid becoming Greece without the beaches or sunshine has at last borne fruit.
The Irish government, trying to lighten the staggering debt burden of bailing out some of its biggest banks four years ago, reached a deal on Thursday with the European Central Bank to give the country more time to repay some of those loans.
The agreement, which came after 18 months of negotiations with the central bank, will enable Ireland to swap 28 billion euros ($38 billion) of high-interest promissory notes — a form of i.o.u.’s — that were used to bail out Anglo Irish Bank in 2009 for long-term government debt.
Alas, Anglo Irish won’t live to see that halcyon day when people will no longer say the words “Celtic tiger” without either a shudder or a laugh. It is no more.
The board of the former Anglo Irish Bank, now known as IBRC, is “liquidated as of now”, its chairman Alan Dukes told Reuters on Wednesday evening.
4 Years After Crisis, Ireland Strikes Deal to Ease a Huge Debt Load [DealBook]
Irish Debt Rallies After ECB Deal on Anglo Irish Bank [Bloomberg]
Board of Former Anglo Irish Bank ‘Liquidated’ – Chairman [Reuters]