Irish bond yields rise as work on second Greek bailout begins

IRISH bond yields rose for the first time in more than a week yesterday, as the European Union began work on a second bailout agreement for Greece and despite the Government calming fears over the need for similar measures here.

Finance Minister Michael Noonan rejected talk that Ireland might need a second EU/IMF bailout package next year, adding that the country may return to the bond markets in 2012 instead.

Mr Noonan’s remarks followed comments made by Transport Minister Leo Varadkar over the weekend that Ireland may require further loan payments next year and would be unlikely to return to the bond markets before 2013 at the earliest.