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MINISTER FOR FINANCE Michael Noonan has dismissed discussion of a second bailout for Ireland, calling it “ludicrous” and “idle speculation”.
Speaking outside the Dáil today, Noonan said that there is “no question” that the government is even “considering” a second bailout.
He was responding to remarks from an economist from one of the world’s biggest banks, who suggested that Ireland should have a second bailout deal on standby in case the country can’t return to the markets as planned when the first deal expires.
Noonan echoed the sentiment from EU economics comissioner Olli Rehn who described the remarks as “not particularly helpful” yesterday.
“It’s ludicrous to be talking about a second bailout when we’re in and meeting all the targets of the first programme,” said the Minister for Finance outside the Dáil today.
“We’re a year into the rescue programme which was negotiated by the previous government and we’re fully funded til the back end of 2013. So it’s really speculation by economists who, at the start of the new year, speculate on these matters”.
Noonan dismissed the idea that the current bailout deal be extended to deal with lower-than-expected growth forecasts.
“We’re only a year in the programme. This is idle speculation. Growth forecasts are down but we have taken that into account in forming the Budget.
There’s no question of the government even considering a second bailout
Willem Buiter, the chief economist with Citigroup, earlier this week said that Ireland should negotiate alternative funding now rather than look for a second bailout “in a state of near panic” when the current bailout comes to a conclusion.
Buiter’s comments were echoed by DCU economist Tony Foley who said that Ireland should be “praying” for a second deal.
Inspectors from the troika are currently in Dublin on their quarterly visit to examine Ireland’s performance under the current bailout programme.
Noonan said that the visit, which will last another ten days, has started “very well” and has been “very positive” so far, with Ireland meeting all targets.
Unless you get on the “Free Legal Aid” gravy train. One of the highest earners in the country is in Clare and most if not all her work is Free Legal Aid. Not free for the taxpayer though.
@Pat Casey: I don’t think you read the article.
Free legal aid is approx €25 for a file in the district court. One barrister might get 2 files a day. That’s €250 a week.
One barrister doing really well doesn’t mean that most aren’t below the poverty lines. The ones that do well have the right contacts, shake the right hands and play the old boys club games. The hard working junior from a working class background, with 2 degrees and working their hole off can’t even afford rent.
That is less money than a taxi fare to the airports.
Those payments are disrespectful and Barristers really should protect themselves a bit better.
@: there is no need for barristers in the district court except in exceptional cases. Twenty years ago you would rarely see a barrister in the district court now they’re wall to wall, getting involved in the most trivial of cases. Doing the work of solicitors most of the time.
@Raysdaisy: That’s a fact for sure.
For the work some of these lawyers do, getting suspended sentences for repeat offenders – they should be CHARGED by victims rather than being paid. The gravy train of repeat offenders never doing prison time is all due to the greedy judges and barristers
@Dublin Insider:
Blame the judges, not the defence lawyers. They’re doing their job and their responsibility by giving the best defence they can.
It’s the judges who are handing out ridiculous sentences that make a mockery of victims.
@David Bourke: they’re all pals so it’s the same thing.
@Dublin Insider: That’s surely the judges fault, defence council provides a zealous defence for their clients, guilty as sin or innocent as a baby.
@David Bourke: their not giving defence, though. They plead out their clients and get them back on the streets quickly. Hence why some have 100+ convictions and no jail time. Disgrace of a country.
What is relevant is what he earns in a year, but nowhere in the article does that get a mention. And I wonder how much he spends on wigs and gowns – a good saving could surely be made there. I expect he is a lot better off than some of those who are on so-called zero hour contracts, on the luxury of being paid the minimum wage but only getting it for 20 hours a week.
@Pat Kelly: 44% higher than the average national standard wage apparently
Maybe the government can look at this issue AFTER they reform the whole legal industry, which was part of the IMF bailout programme but has yet to happen. Of course our learned friends don’t want reform when it will affect their bottom line.
@The next small thing: we’ll said and very true. While the rest of us suffered during last recession Labour caved in to the legal profession and put the legal services bill to one side. Legal profession got their way again
@Raysdaisy: In fairness to Alan Shatter, he did try and begin reforming the sector but then the powers that be started throwing mud in his direction and by the time he had cleared his name they had their ideal minister for justice in place that won’t rock the boat, everyone wins, well apart from joe public that is.
@The next small thing: I agree 100%. I just remember one prominent labour minister saying “ my hands are tied” when it came to cuts for Joe public but handed the legal services bill to the usual suspects in the legal profession to make the necessary changes.
A waste of tax payers money.
@Stanley Savage: far from it, what you are suggesting is that the rich would be the only ones that would be able to afford a defence
We seem to have allot of student leavers heading into the legal careers , often wonder what is attracting them ? Do we have more lawyers / barristers per capita ? Some make allot of money but not all and the personal injury train is starting to slow down
Go into the family courts & see what these parasites are getting paid. You can cry me a river. I defended myself during my divorce and custody battle as solicitors were looking for €100 per hour to give me advice I already had. The legal profession in our country is like our political system. It’s all about getting in the trough. I came up against a €150 an hour barrister on my exes team & handed her her ass exposing her lying in court. Trying to intimidate me & using children as currency. I have no respect for legal professionals. I find them dishonest unethical and over rated. I saved myself about 9k going it alone and would advise anyone do the same. They should be paid less not more.
@Allora: This is not about solicitors?
Eye opener
They complete weird medieval rituals when attending Kings Inns. This adds to their high expectation on potential earnings. If they feel that they are not being paid well enough then find something else to do.
If the money is so bad why don’t they seek alternative employment…? Surely these individuals have a moderate level of intelligence and if they couldn’t investigate pay rates before taking the course,a job in the legal field is not for them…???
I think he should do a Money Diaries article.
Listen to me in fairness you knew the rates of pay before you got into it & the truth is the only barristers that are crying are the ones that don’t have a very good reputation. The solicitors on the legal aid panel will tend to use the same barristers when handing out instructions. Well, known solicitors will use well know barristers simple as that.
A lot of these barristers are up to their own you know what.
Let’s say I get charged with an offense & a solicitor instructs a crappy JC on my behalf I will be having not-so-nice words with him/her. I wish you well if you can get a name for yourself by standing up to the judges you will do very well. If not forget it.
They could save a few quid if they didn’t pay so much for those weird hair cuts that they are sporting.
have your say