Dating off debt

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Ireland reduced the cost of its debt through the early repayment of its more expensive IMF bailout loans in 20, replacing the debt with funds raised at cheaper market rates to save around €1.5bn.

The NTMA previously paid back €18bn of IMF loans ahead of time, but the EU insisted at the time that some of the IMF rescue loans be kept so that the rescue fund remained part of the Troika overseeing the Irish bailout.

“Glencore does not want to hear about a restructuring,” a government source said.

“This is why we have decided to take the marketing of our oil away from them.” A source close to Glencore said the development would represent a “clear and serious breach of the agreement”.

Since 2014, Exxon has been paying royalties to the government in physical crude cargoes that were subsequently allocated by state firm SHT to Glencore.

But this process will end in early January as the government has asked Exxon to pay royalties in cash instead, according to a letter from the company dating from mid-October.

“Glencore is in the middle of negotiations and is optimistic about a restructuring,” the source said.

Chad previously had a grace period in 2016, after Brent oil futures hit their lowest level since the end of 2003.The ECB refused, saying it preceded the freeze of the cap on ELA by two months.It also didn't discuss the Greek case or any other specific ECB decision.Exxon operates the Doba consortium, the biggest producing group in the country at around 63,000 barrels per day (bpd) out of Chad’s 131,000 bpd in 2017, government data showed.Cash-strapped Chad has received loans from the IMF, World Bank and African Development Bank among other entities, with another .9 billion of pledged funding as of September from public and private donors for its 2017-2021 national development plan.

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