The Minister for Finance, Michael Noonan says he can't rule out a second bailout for Ireland - but the market reaction to the deal on the Anglo promissory notes yesterday are a good indication that they will lend to us again.
Noonan said we're not out of the woods, despite the positive market reaction to the deal.
But he says a deal on our legacy debt may not be reached until early next year - and Ireland is still spending more than it takes in.
When asked by Chris Donoghue of Newstalk Breakfast why he didn't ask for a full wirte-down of debt, the Minister said it would be like asking for him to be awarded the Nobel Prize for Peace.
On Wednesday night the Dail passed a bill which effectively winds up the IBRC, formerly Anglo Irish Bank and Irish Nationwide.
Following leaks of a possible disbanding of the organisation, Minister Noonan told the Oireachtas that the government's hand had been forced in the matter, and that the bill needed to be passed as a matter of urgency.
He also said the government is now working on extending the maturities of the loans which Ireland has already taken from the EFSF and the ESM.
However, he added that the savings to be made would be nowhere as large as those made with yesterday's deal.
He also said the idea that the ECB would be offering write-downs on debt is not realistic:
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Minister Noonan also says a second bailout is not completely off the table:
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You can relive the excitement of "Prom Night" by clicking here.
You can watch Senator David Cullinane of Sinn Fein reacting to the deal in the Seanad:
