Govt welcomes EU fund change
The Government has welcomed the decision of EU finance ministers to agree changes which will make it easier for bailed out countries like Ireland to return to the money markets.
Ministers agreed to withdraw the "preferred creditor" status from EU bailout loans as it meant the money would have to be paid back before that of private creditors.
Economists had criticised the mechanism saying the preferred status would discourage private investors from lending to countries that had been bailed out.
It is thought the change will help Ireland to re-enter the private bond markets by the end of next year.
The move has been welcomed by Finance Minister Michael Noonan, while President of the Eurogroup of Finance Ministers Jean Claude Junker said it is good news for Ireland.
