Joan Burton (Dublin West, Labour)

The British Chancellor of the Exchequer, George Osborne and the Swedish finance minister have indicated that they expect that their money will be available to Ireland at a rate of approximately 3%. Mr. Regling and other sources have indicated that Mr. Regling's fund essentially will be priced at 300 basis points of a penalty above the German rates. This probably means a rate of at least 5.5%. If this is three-year money, the point I was making is that this would be extremely expensive. Although a state such as Ireland normally could borrow for ten years and not encounter funding cliffs, does the Minister agree that on three-year money, our previous debt that will comes up for renewal or repayment will then go into the three year cycle? This is what is killing Greece.

See this speech in context