The Irish government predicts the country’s debts will be restructured in the next three years, according to a senior minister.

Ireland entered into an 85 million euro ($123.5 billion) bailout package with the EU and IMF at the end of last year.

The unnamed minister told the Irish Mail on Sunday said that the government was hopeful the possible restructuring deal for Greece would pave the way for a similar plan for Ireland’s situation.

"It is not called defaulting -- it's code for a restructuring," the newspaper quoted the minister as saying.

"This is hopefully where we are going to get to. But you do that by agreement. You don't do it be being the first one to jump into the lake.

"You don't do it if there's no other course of action open to you; you do it with the support of the people who are lending to you. You cannot do it unilaterally."

READ MORE- Ireland’s national debt is set to hit $248 billion

Irish buildings of government