Ireland's cost of borrowing continues to become more expensive today. The interest rate demanded by investors to lend money to Ireland for ten years stood at 7.896% this afternoon. The rise comes as the European Commissioner for Economic and Monetary Affairs, Olli Rehn, is due in Dublin later today to meet the Finance Minister. Ireland does not plan to borrow on the bond markets until next year. During his two day visit, Commissioner Rehn will also hold separate meetings with the Opposition parties, as well as business and union representatives Olli Rehn's visit to Dublin comes as the Government finalises the detail of the budget to be announced next month. The EU Commissioner will meet with the Minister for Finance as work continues on the four year strategy aimed at reducing the budget deficit to 3% of GDP by 2014. The Cabinet discussed the budget for over three hours yesterday in advance of Mr Rehn's arrival.