Analysts at JPMorgan Chase & Co think that the EU has to reduce the 5.8% average interest rate on 85 billion-euro ($113 billion) emergency aid to Ireland by 50% or 250 basis points. Otherwise, the indebted country won’t be able to get out of the crisis without debt restructuring. The borrowing rate is critical given that economic growth will be very weak for some time due to severe fiscal tightening.