EFSF extends loan maturities to Ireland and Portugal by 7 years

FXstreet.com (Barcelona) - Chief executive of the European Financial Stability Facility Klaus Regling announced today that Ireland and Portugal had been granted an extension of their bailout loan maturities by up to 7 years.

“The extension will smoothen the debt redemption profile of Ireland and Portugal and lower their refinancing needs in the post-programme period,” the EFSF head explained. “It will enhance the confidence of market participants and thus protect Ireland and Portugal from refinancing risks.”

The EFSF has allocated 17.7 billion euros in bailout loans to Ireland and 26 billion euros for Portugal.