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Era of bailout to end soon for Ireland

in Afghan Business

Era of bailout to end soon for Ireland

IrelandIreland Prime Minister Enda Kenny said his country would wean itself off emergency aid by December of this year.

The 85bn euro (£73bn) bailout was forced on the country after its biggest banks collapsed in 2010.

The Prime Minister addressed those most affected by the years of austerity and said their “huge sacrifice” was paying off.

“It won’t mean that our financial troubles are over. Yes, there are still fragile times ahead. There’s still a long way to go. But at last, the era of the bailout will be no more. The economic emergency will be over”

He warned that tough tax rises and spending cuts would follow after next year’s national budget was unveiled. But he said it would leave Ireland with a 4.8% deficit next year, well ahead of the required 5.1% target.

In July, ratings agency Standard & Poor’s upgraded its credit outlook for the Republic of Ireland from “stable” to “positive”, arguing that the country’s debts were falling faster than expected.

Ireland will be first of the four countries to exist bailout scheme, if the exit happens in December. The eurozone has also bailed out Portugal, Cyprus and Greece.


Tags assigned to this article:
Ireland bailoutIreland banksIreland economy

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