Minister for Communications, Energy and Natural Resources Eamon Ryan has said negotiations on the €85bn rescue deal for the Irish economy are expected to conclude this weekend.
It is expected that the talks will be wrapped up before the international bond markets reopen on Monday morning.
Minister Ryan described as 'inaccurate' reports that the borrowing rate for the EU/IMF fund could be as high as 6.7% for nine years.
He said the repayments rates were not fixed yet and the figure had to be one that Ireland could afford to repay.
Fianna Fáil TD Ned O’Keeffe said tonight that we must not be rushed into a ‘debt deal’ by the ECB and IMF.
In a statement, Mr O’Keeffe said: ‘Our negotiators with the ECB and IMF do not have the skills, the experience or the confidence of the Irish people to negotiate on our behalf.’
Labour leader Eamon Gilmore has said the talks amount to 'a last chance saloon' to secure a fair deal for Irish taxpayers.
Sinn Féin has criticised the Government after reports of the 6.7% interest rate emerged last night.
Party president Gerry Adams: 'It is expected that this Government, now clinging to power by its fingertips, will agree the terms of a so called bailout with the EU and IMF by Sunday.
'We see reports emerging that the interest rate to be charged on any such bailout is likely to be as high as 6.7%.
'It is patently clear that neither the state nor its citizens can afford to pay back a bailout with such an exorbitant interest rate. This cannot be accepted.'
Yesterday evening, the Taoiseach, the Minister for Finance, the heads of the Central Bank and the National Treasury Management Agency met in Government Buildings for several hours to discuss the detail of the negotiations.
