Ireland's finance minister is looking for such an option in order to ease the country's near-term burden and accelerate the return to normal borrowing conditions in the financial markets, after being locked out of them back in September of 2010.
As Reuters notes: "Ireland's Michael Noonan told journalists he and his Portuguese peer had presented a joint request for an extension of the maturity of the loans from the European Financial Stability Facility."
Reuters adds, quoting Noonan: "We arranged a way of presenting a joint request. If you had a term loan to build an extension to your house and you were able to convert it into a mortgage which you will extend over a long period, you can see that your repayment profile will come down. It has been referred to a group of officials to examine it."
Jean-Claude Juncker, the outgoing president of the Eurogroup, is thought to examine the request in the case of Portugal.