Ireland to exit bailout in December, without seeking precautionary funding

Ireland is to make a clean break from its 3-year 85 billion euro bailout programme in December, without seeking precautionary funding.

Irish PM Enda Kenny confirmed the move during a speech to the parliament.

The Irish economy is emerging from one of the deepest recessions in the eurozone, having sought an international bailout in November 2010.

Ireland is due to leave the EU-IMF bailout on December 15.

Enda Kenny said: “We will exit the bailout in a strong position. The government has been preparing for a return to normal market trading.

“We will set out a path to a brighter economic future for our people, a path from mass unemployment to full employment, from involuntary emigration to the return of thousands of people who have to leave for other countries to find work.

Ireland is to make a clean break from its 3-year 85 billion euro bailout programme in December, without seeking precautionary funding

“Today is just the latest step in that ongoing journey, a significant step indeed but also just another step towards our ultimate job of getting Ireland working again.”

He added that German chancellor Angela Merkel pledged to work closely with Ireland to improve funding mechanisms for the economy, including access to finance for small and medium businesses.

International Monetary Fund managing director Christine Lagarde said the performance of Ireland bodes well for the future.

“The Irish authorities have established a very strong track record of policy implementation. This bodes well as Ireland exits its EU/IMF-supported programme,” she said.

It is understood a decision not to seek a special overdraft facility was finalized at an emergency cabinet meeting on Thursday, ahead of Finance Minister Michael Noonan flying out to a summit in Brussels.

The Department of Finance said confidence and sentiment towards Ireland has improved considerably in recent months and domestic and international economic conditions were also improving.

JlM6TOFkhAc
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago