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Ireland and Portugal get 7 year loan repayment extension

FXstreet.com (Barcelona) - Following the release of the statement on the Cypriot bailout, Eurozone finance ministers, who hold talks today in Dublin, announced that the loan repayment for Ireland and Portugal would be extended.

Eurogroup chief Jeroen Dijsselbloem confirmed that the Eurozone finance ministers agreed to give seven more years to Portugal and Ireland to repay their bailout loans amounting to 78 billion euros and 85 billion euros, respectively. He also informed that the maturity extension will most probably be approved at the upcoming Ecofin meeting, which kicks off later today.

EU Commissioner Olli Rehn expressed hope that Ecofin would give the green light to the measure, which in his opinion is an important step on the road to exiting the rescue program.

US Apr Reuters/Michigan Consumer Sentiment Index down to 72.3 vs 78.6 (Mar)

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Commodities Brief – Precious metals collapse after US retail sales, crude trade off 91.00 level

Gold prices were roiled Friday after the release of checkered US economic data, specifically the Retail Sales data, which missed estimates (-0.4% vs. 0.0% projected). Subsequently, the yellow metal has lost its handle on a tight consolidation, breaking out towards the downside and establishing new lows during American trading. At the time of writing, spot gold prices are settling at USD $1532.78 per oz.
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