Business

Sunday 13 July 2014

Ireland successfully exits €85bn bailout programme

Published 25/12/2013|19:51

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Bon voyage: The IMF's Peter Breuer, left, Craig Beaumont, centre, and other delegates leave the Finance Department after the Troika's final visit in October last
Bon voyage: The IMF's Peter Breuer, left, Craig Beaumont, centre, and other delegates leave the Finance Department after the Troika's final visit in October last

On December 15, Ireland exited its €85bn bailout programme. Three years earlier, the IMF, European Commission and ECB had come to town to take control of the nation's finances.

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Austerity would be the way to underpin the country's shaky finances and the troika set about telling the Government how to go about it. But with Ireland's borrowing costs having fallen below those seen before the bust, and signs that the economic Armageddon is finally in reverse, there are hopes that the country can now steer a more stable course of economic growth that avoids the boom and bust cycle.

The Government also decided not to exit the bailout with a precautionary credit facility. Eurozone finance ministers backed the decision. Speaking about the bailout exit, Finance Minister Michael Noonan said: "There'll be no brass bands, or champagne. Our intention is not to be exuberant; this is just a stop along the way."

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