McCarthy: Ireland will need second bailout
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."
