Noonan: New Greek government could see Ireland lose out on €350m

The Minister for Finance Michael Noonan has said the Irish taxpayer could lose €350m if Greece defaults on its debts.

Michael Noonan's warning comes after the new Greek Prime Minister Alexis Tsipras was sworn in to lead an anti-austerity government.

The new Greek government is demanding a new round of talks so it can write off some of its €320bn in debts.

Noonan has said Greece could be better off by doing some of the things Ireland's done already.

“The issue for Greece is not debt cancelation, it is the affordable ability of the debt,” said Noonan.

“If you look at Ireland’s situation, we have been restructuring debt all the time.”