Ireland may need a seco
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nd 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.