EU Source reported in Ireland as stating EFSF to replace Irish Promissory notes

The source of this extraordinary report is the Irish Examiner, linked here and the exact quote is as follows:

"The broad idea is to use the EFSF to replace the promissory notes, to try to use it to further strengthen the Irish banking sector so that Irish banks can regain market funding under better conditions," an EU source was quoted as saying.

The plan would involve the EFSF issuing a long maturity bond, or bonds, worth €28bn. These would come with low interest rates and replace the State’s obligation to pay €3.1bn annually over a 10-year period.

Read more: http://www.irishexaminer.com/ireland/deal-on-anglo-notes-nearing-completion-189382.html#ixzz1rBPXUiQm