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Ireland May Need More Eu/imf Cash - Minister

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Ireland may have to ask for another loan from the European Union and International Monetary Fund because it will struggle to return to debt markets to raise funds next year, a government minister said on Sunday.

In comments to The Sunday Times newspaper, Transport Minister Leo Varadkar became the first cabinet member to cast doubt in public on Ireland's ability to raise cash on the bond market because of punishing yields demanded by investors.

"I think it's very unlikely we'll be able to go back next year. I think it might take a bit longer ... 2013 might be possible but who knows?" Varadkar was quoted as saying.

"It would mean a second programme (of loans from the EU/IMF)," he said. "Either an extension of the existing programme or a second programme. I think that would generally be most people's view."

Deputy Prime Minister Eamon Gilmore told broadcaster RTE that fears of a domino effect from Greece's problems were overblown. The possibility of a Greek default has sent bond yields rocketing for indebted Ireland, Portugal and Spain.

I mean who'd have reckoned on this? Ireland needs more cash and somehow more debt will solve all of their problems.

Still at least it can't get any worse.

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Just put this shit into lokdown.

Ireland doesn't get to issue more debt - no ifs no buts.

Debt due for repayment gets exended on exisitng terms - if the bondholders don't like it tough - they just get their original terms.

result there is no market for any of the other banks/hedge funds to bugger about with, the actions necessary to balance the budget are taken (they have to be without income from tax receipts running out), no beauty parade for the politicians spending and committing even more oney they cannot raise to make themselves popular.

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The minister who said this has a big mouth and should just shut up and stop upsetting decent people.

His track record on insensitivity from March 2010:

Mr Varadkar told Taoiseach Brian Cowen that he was no Seán Lemass or Jack Lynch, but that he was like Dr Garret FitzGerald in that he had tripled the national debt and effectively destroyed the country.

Mr Varadkar suggested the Taoiseach should 'enjoy writing boring articles in The Irish Times' in a few years time - an apparent reference to Dr FitzGerald.



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They either default and reset or end up owning nothing but the clothes they stand in. The choice is theirs to make and I suggest they make it before the soil under their feet ends up owned by someone else, as once that happens there is no way back for them.

Meanwhile in the UK we continue to survive with the elephant in the room. Wonder when said elephant is going to start stomping?

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Ireland's government moved on Monday to quash speculation it would be forced to seek a second EU-IMF bailout and said it would make a tentative return to international debt markets in the final quarter of next year.

Dublin is trying to distance itself from the woes of euro zone struggler Greece, which is trying to avoid a potentially devastating default and seems certain to require a second bailout to plug a looming funding gap.

Finance Minister Michael Noonan categorically ruled out Dublin requiring a top-up to its 85 billion-euro (73 billion pound) rescue package, seeking to limit the fallout from a cabinet colleague's warning over the weekend that another bailout may be needed.

"There is no question of a bailout package having to be brought in next year," Noonan told state broadcaster RTE. "We have sufficient money from the IMF and European institutions to carry the country forward in all eventualities and the programme runs until the end of 2013."

"A second bailout doesn't arise because of that."

O god it's hardly been 24hrs and we've already gone the denials. It's official Ireland needs another bailout.

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  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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