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Friday 15 December 2017

'We'll need new bailout': Somers

FORMER NTMA chief executive Michael Somers predicts that Ireland will need another European bailout.

Ireland is incapable of repaying its initial €30bn bailout at the existing 8.6pc interest rate, Mr Somers claimed.

He said that the EU, IMF and ECB troika may have to consider creating a special 30-year loan facility similar to the war-time facilities which the banks offered to Britain.

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