Euro zone countries have agreed to keep funding Ireland beyond 2013 if it is not able to tap debt markets, Finance Minister Michael Noonan said on Friday, signaling for the first time doubts about Dublin's ability to regain its economic sovereignty.
Euro zone leaders agreed a second rescue package for Greece at an emergency summit in Brussels on Thursday and Noonan said part of the deal involved a pledge to keep propping up Ireland and Portugal provided they were meeting targets under their existing rescue programs.
"There is a commitment that if countries continue to fulfill the conditions of their program the European authorities will continue to supply them with money even when the program is concluded," Noonan told Irish state broadcaster RTE.
"The commitment is now written in that if we are not back in the markets the European authorities will give us money until we get back in the markets."
The European Union and the International Monetary Fund have so far made no public commitment to financing Ireland beyond the end of the program in 2013.
A communique from Thursday's summit of euro zone leaders said countries "must successfully implement" their existing bailout programs.
Noonan insisted such additional support would not constitute a second bailout, on top of last year's 85 billion euros EU-IMF rescue deal, but analysts said he was playing with words.
"It doesn't matter what you call it. Ireland can't really survive on its own without European help. The European project isn't going to work unless the center steps up," said Brian Devine, economist with NCB Stockbrokers.
Dublin has enough funding under its current bailout to see it through till the end of 2013 but with a near 12 billion euros bond redemption looming in January 2014, many investors believe the government will start seeking additional official assistance sometime in 2013.
The government has said it will make a tentative return to bond markets next year, likely by issuing treasury bills, followed by bonds in 2013, but that does not exclude them from also tapping official creditors.
Ireland will need nearly 34 billion euros to cover its budget deficit and maturing debt in 2014 and 2015.
