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Without a default or second bailout, 'Ireland will have to wait until 2018 to return to markets'

The warning came from a senior British banker who was speaking to 100 Irish business people in London this week and comes amid persistent government denials that second bailout will be needed.

Is Ireland going to need more money from the EU and IMF?
Is Ireland going to need more money from the EU and IMF?
Image: Julien Behal/PA Archive/Press Association Images

IRELAND MAY NOT be able to return to the normal international debt markets until 2018 unless it defaults or gets further loan assistance from the EU and IMF, according to a senior British banker.

According to Harvinder Sian, chief euro interest area strategist at the Royal Bank of Scotland, without a default or a top up to the current bailout it would be “another five years from 2013″ until the country could return to the bond markets, writes Lisa O’Carroll on The Guardian.

The delay would be a result of the length of time it would take Ireland to get a clean bill of health from any unsustainable debt or other risks.

Speaking to an audience of 100 Irish business people at Deutsche Bank in London, Sian said that a “no default, no bailout” programme would be far more painful than joining an expected restructuring programme in the second half of 2013 when Greece is expected to default.

The government has in recent days sought to play down fears that a second bailout or a debt restructuring would be needed. This comes despite recent comments from government ministers Leo Varadkar and Brendan Howlin to the contrary.

Read more from Lisa O’Carroll on The Guardian website >

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Hugh O'Connell

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