Yesterday Eurozone Ministers unanimously supported the move – which will save the Irish taxpayer hundreds of millions of euro.
Ireland wants to borrow more money at cheaper rates, and use that money to repay the more expensive IMF loans.
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The deal involves repaying up to 18 billion euro of IMF loans with cheaper funding from the international markets.
Interest rates are currently much lower then when the loans were agreed as part of Ireland's bailout in 2010.
