Finance Ministers from the Euro area have agreed to proposals to give Ireland more time to pay back its bailout loans.
However final agreement will have to wait until a full meeting of Finance Ministers from all EU member states this afternoon.
Under the plan – Ireland and Portugal would be given an extra 7 years to pay back the loans drawn down in 2010.
The extra time is aimed at making it easier for both countries to exit the bailout programme.
Speaking at a press conference the Chairman of the Euro group of Finance Ministers Jeroen Dieselbloum said agreement is expected this afternoon:
