Irish precedent gives Greece hope

摘要

Greece's Syriza might look to learn lessons from how Ireland successfully negotiated with the European Central Bank, should the opposition party form the next Greek government - as predicted - after this Sunday's election and try to revise the country's current €240bn bailout programme. Ireland controversially rescheduled €31bn of its high-coupon promissory notes, issued to its central bank to pay for the initial bailout of Anglo Irish Bank, into sovereign bonds with longer maturities and lower rates of interest. The restructuring deal was tacitly approved by the ECB.