Printer Friendly

COMMISSION RAISES 4.75 BN EURO FOR PORTUGAL AND IRELAND BAILOUTS.

The European Commission has raised 4.75 billion on financial markets to aid Ireland and Portugal, which are currently under joint EU-IMF loan programmes. The ten-year bond was issued on 24 May and will pay a coupon rate of 3.5% to investors, a quarter of whom were from Asia, with 22% coming from France, 15% from Germany and 15% from the UK. Dublin and Lisbon will receive the payments on 31 May, but will be charged a penalty fee of between two and three percentage points on top of the coupon rate to access the funds. This is the third bond issue under the European Financial Stability Mechanism, which is providing a third of the funding for each of the Irish and Portuguese bailouts. The remainder will come from the IMF and the eurozone government-backed Financial Stability Facility. The two funds will raise a total of 15.3 billion for Portugal and Ireland before the summer.

COPYRIGHT 2011 Europolitics
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:European Report
Article Type:Brief article
Geographic Code:4EUUK
Date:May 26, 2011
Words:157
Previous Article:CALL FOR TENDERS: SCHOOL FRUIT SCHEME EVALUATION.
Next Article:FISHERIES : DAMANAKI: WITHOUT SOUND SCIENTIFIC ADVICE, 2012 QUOTAS WILL BE CUT.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters