McCarthy: 'High probability' Ireland will need second bailout24/04/2012 - 09:23:54
The man behind the 'An Bord Snip Nuareport is warning of a "high probability" that Ireland will need more financial help once our current bailout runs out.
UCD economist Colm McCarthy's comments come a day after a third trade union - the TEEU -said it would recommend a no vote from its members when Ireland goes to the polls in the Fiscal Treaty referendum.
The Irish Congress of Trade Unions is due to meet tomorrow to discuss its position on the issue.
If voters reject the treaty on May 31, Ireland would be blocked from accessing emergency funding from Europe.
Colm McCarthy said concerns about the Spanish economy, a potential change of president in France, and the Dutch political crisis all point to continuing problems for the Eurozone.
"All of those things mean the external environment is still very treacherous," he said.
"In those circumstances, having access to the backstop of a further financing round from Europe and from the IMF actually more important rather than less important."
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