Euro austerity example Ireland 'may need second bailout'
Ireland, seen as the eurozone’s "poster child" for implementing austerity, could require a second bailout, economists warned.
Irish banks may need more money to cover losses, say analysts
By Emma Rowley
1:23PM BST 18 May 2012
As households struggle to pay their mortgages, the country’s rescued banks may need €4bn (£3.2bn) more to cover losses on loans than was assumed in stress tests last year, said analysts at Deutsche Bank.
That would hit the finances of the Irish government, which has already pumped about €63bn into its banking sector in the last three years.
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“Ireland has made huge progress over the last year. It is really a pity what is happening in Greece is spoiling all this,” Lorenzo Bini Smaghi, a former European Central Bank policymaker, told Dublin radio. “Without the Greek events, I think Ireland would be able to come back to the [bond] markets.”
Full article: http://www.telegraph.co.uk/finance/financialcrisis/9274830/Euro-austerity-example-Ireland-may-need-second-bailout.html
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