ECB Rejected Irish Government Proposal

Irish government's desire to avoid paying a debt of € 3.1 billion per year aground. Because the bank Central Europe (ECB) rejected the proposal.

The Irish government is obligated to pay the debt on a regular basis until 2023. The debt was incurred to rescue (bailout) Anglo Irish Bank, which collapsed due to the eruption of the real estate bubble in 2008.

To avoid liability, Michael Noonan, Ireland's Finance Minister, said, will issue promissory notes to pay. In addition, Ireland to propose changes to the record long-term debt. This change is part of restructuring debt and extend the maturity of that financial burden lighter.

"ECB governing council reject all proposals," the source told Reuters on EU familiar with this problem. He said the refusal was reasonable because, when the proposal was agreed would be a precedent. "The proposal is not a way out," he said.

Irish government spokesman declined to give an explanation about the refusal. However, the Irish government still has until the end of March, when the debt is due, to realize the proposal.