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Minister suggests Ireland could need a second bailout

Leo Varadkar says its unlikely that Ireland could return to the markets next year and appears not to rule out the need for a second bailout.

Leo Varadkar
Leo Varadkar
Image: Sasko Lazarov/Photocall Ireland

IRELAND MAY NEED a second bailout according to one government minister who has said that it is unlikely the country will return to the bond markets next year.

Minister for Transport Leo Varadkar has told The Sunday Times (subscription) that with 10-year bond yields at 11 per cent, a high deficit and banks not borrowing from the markets, it is unlikely Ireland will be able to borrow money through normal means next year suggesting that “2013 some time might be possible, but who knows?”

The paper suggests that Ireland may need a second bailout after Varadkar added: “It would mean a second programme. Either an extension of the existing programme or a second programme”. His comments come as Ernst & Young looks set to pessimistically outline that Ireland’s economy will contract by 2.3 per cent this year.

Read more from Sarah McInerney’s story in today’s Sunday Times (subscription) >

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Hugh O'Connell

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