Troika 'considers easing Irish bailout terms'

The terms of Ireland's bailout may be eased in an effort to ensure the eurozone member can return to borrowing on the international markets, national broadcaster RTE said on Monday. RTE said that if a deal emerged, the country could pay back EU loans over an average of 30 years instead of the current 15 years. The broadcaster said the so-called Troika -- the European Union, European Central Bank and the International Monetery Fund -- believed Ireland had been sticking to its bailout targets. "It also believes Ireland's cost of borrowing would be lower were it not for the intensification of the eurozone crisis. "In an effort to secure a return of Ireland to the markets sources say it is considering adjusting the terms of the country's repayments. "This could see the country paying back EU loans over an average of 30 years instead of the current 15 years," RTE said. The broadcaster said the issue had not yet been raised with the government. "It would amount to Ireland's official creditors taking some pain and would require political agreement. "However, Troika sources said the step is being considered in an effort to convince the markets that private sector bondholders would not be burned in future by Ireland," RTE added. Ireland's "Celtic Tiger" economy was brought to the brink of collapse after a property bubble burst, was forced to ask the IMF and EU for an 85-billion-euro ($108 billion) bailout in November 2010. Irish Prime Minister Enda Kenny told parliament last week that his government was seeking a "re-engineering" of its bank debt, with a longer pay-back time and lower interest rate.