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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/barroso-pressed-for-cut-in-interest.jpg"><img class="alignnone size-full" title="European Commission president Jose Manuel Barroso is being pressed for a cut in Ireland's bailout interest rate (AP)" src="http://londonglossy.com/wp-content/uploads/2011/01/min-barroso-pressed-for-cut-in-interest.jpg" alt="European Commission president Jose Manuel Barroso is being pressed for a cut in Ireland's bailout interest rate (AP)"/></a></p>
<p>Fine Gael is expected to press European Commission president Jose Manuel Barroso for a reduction in the interest rate on Ireland&#8217;s international bailout funds.</p>
<p>Party leader Enda Kenny and finance spokesman Michael Noonan will discuss the EU/International Monetary Fund rescue package when they meet the top politician in Brussels.</p>
<p>Mr Noonan has warned that Ireland may not be able to repay the European portion of the loans unless new terms are negotiated.</p>
<p>Mr Kenny said: &#8220;Fine Gael in government is committed to changing the policy measures contained in the EU/ECB/IMF funding programme and to negotiating with our European partners to reduce the penal interest rate that Ireland is being charged.</p>
<p>&#8220;We look forward to discussing these and other issues with president Barroso.&#8221;</p>
<p>Some 22.5 billion euro of the 85 billion euro package will come from the European Financial Stability Mechanism (EFSM) at a rate of 5.7%.</p>
<p>Another 22.5 billion euro will come from a separate EU pot, the European Financial Stability Fund (EFSF), and loans from the UK, Sweden and Denmark.</p>
<p>The bilateral loans and the EFSF portion of the bailout will each charge a 6.05% interest rate.</p>
<p>In an interview with the Financial Times, Mr Noonan said Ireland was paying too much on the EFSF side of the loan.</p>
<p>Finance Minister Brian Lenihan discussed cutting the interest rate on the bailout loans with EU counterparts last week.</p>
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