Opening Bell: Rents rise (again), Ireland gives up on debt relief, forgiving Greece

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The average cost of renting a home in Ireland stands at over €1,000 per month, according to Daft.ie.

The property website has released its latest quarterly report - which has found the average rent is now €1,006 - this is the first time it's gone over €1,000 since May 2008.

In Dublin, rental inflation since March of last year has gone up by 8.8% - while average rents are now 1.3% higher than the 2008 peak.

There were fewer properties to rent available at the start of May than any other time on record.

Dublin rents are up 8.8% year-on-year, but the biggest increase was in Cork where rents rose by 16%.

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Finance Minister Michael Noonan revealed yesterday that Ireland is no longer seeking debt relief from its international creditors.

The Limerick TD said that if concessions are given to Greece, Ireland will not seek similar terms.

"We've got what we wanted," he said yesterday as he entered an emergency meeting on Greek debt.

"Nobody would look for direct recapitalisation now because the issues have moved on ... It's not that we're not interested in reducing the debt burden further, it's just that the things we tried three and four years ago are no longer relevant, and we have put it in a pretty good place now," he continued.

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Meanwhile, Eurozone ministers have agreed to consider ways to ease Greece's debt burden as it attempts to reform its economy.

A debt forgiveness is still off the table - policy makers will examine other means of making the country's debt more manageable - such as changes to the repayment terms to allow the state to repay the money over a longer period of time.

The country's debt is 180% of its GDP, chair of eurozone finance ministers, Jeroen Dijsselbloem, said that he believes that an agreement can be reached at Greek debt management in talks on 24 May without crossing 'red lines' such as debt relief.

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