Ireland to liquidate Anglo Irish to cut government debt

According to the Irish Times, the government of Ireland has entered into a deal with the ECB to cut the country's debt by liquidating the nationalised Irish bank Anglo Irish. As I noted in the Saturday post on Ireland's superior economic performance, European policy makers are eager to be able to hold Ireland up as an example of the virtues of austerity and are thus likely to consummate this deal with the Irish to cut government debt.
Here's how I put it Saturday:

I believe European policy makers want to use Ireland as an example of success. And this makes them eager to cut deals which soften the blow for Ireland as it emerges from its bailout. I expect some sort of deal to be reached that cuts Ireland’s bailout debt interest rate, lengthens maturities or somehow unburdens the state of...

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