Sweden's Anders Borg with fellow finance ministers in Brussels. Photo: Virginia Mayo/Scanpix.
financial crisis

Irish loan thrashed out in Brussels

Sweden is involved in negotiations in Brussels putting the finishing details on a European bail-out for the Irish economy.

Three EU countries will be stumping up money: Sweden, Denmark and the UK, along with the International Monetary Fund (IMF).

Out of a proposed bail out worth over $US 100 billion Finance Minister Anders Borg says that Sweden will offer between five to ten billion Swedish kronor - from about 700 $USmillion to about $US 1.4 billion.

The final deal is expected to be announced on Sunday evening, before the financial markets open on Monday. But many in Ireland are worried that the rate of interest will make this a bitter pill for them to swallow. RTE, Irish radio and TV news, reports that the interest rate could be as much as 6.7 per cent - higher than the rate set for Greece's loan.

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