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Cúchonnacht Ó Dálaigh

McCarthy: Free State will need Second Bailout

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07/02/2012 - 09:34:21

 

The Author of the Bord Snip Nua report has said it is "inevitable" that Ireland will need a second bailout.

 

Colm McCarthy's comments echo a statement made by the former CEO of the National Treasury Management Agency, Michael Somers, who yesterday said that it is highly likely Ireland will need a second rescue package.

 

Ireland's rescue loan from the EU, ECB and IMF will last until next year when it is hoped Ireland will be able to return to the bond markets.

 

However, Mr McCarthy said because Ireland's debts are so large, it is likely the country will need further funding from Europe.

 

Mr McCarthy said: "It's a fair question as to whether everthing will work out nicely and we will be able to graduate from this official lending programme in two years' time.

 

"I agree with Michael Somers, I don’t believe it is at all certain that we will be able to graduate."

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Guest IsMise

The dogs in street are of the opinion that the country is going no-where fast, and the "elected" representatives are in no way working on behalf of the people, well certainly not the working class or most vunerable in society. They are doing a superb job for the already wealthy!

 

Here's hoping these same working dogs rise up against the same old, same old soon

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Will be nice to enjoy Enda Kenny and co eating their words, when they publically announce the new bailout and are reminded of their blatent lies that they stood up and tell the public. Of course, they'll blame those who mentioned the second bailout, it wouldn't have happened without them mentioning it! People can see straight through their deceipt.

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Guest Felix Rourke

Yes it seems the recent visit by the IMF whereby they told the Dublin Government that they "had met their targets" is only a dress rehearsal. While the omnipotent markets are focussed on Greece the Free State is safe, but once Greece gives and the eye turns here all of a sudden "we" will not have been "doing enough" and the massive pile of debt will reveal itself again in spite of attempts to pretend it hasn't existed since the Lab/FG coalition took office.

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