Plenty of talk and negotiations that a deal is going to get done tonight on Ireland’s promissory note. Currently financing this note costs EU3.2bln a year. Talk of liquidating Anglo and transferring its assets to NAMA, then replacing the note with a 40 year bond which would require smaller payments each year (possibly circa 1bln), but not actually reducing the principal owed. So debt restructuring not forgiveness. I will keep an eye as word is a deal may get done as early as tonight.
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