Saturday 16 December 2017

European Commission gives green light to latest €2.3bn in bailout loans

THE European Commission has given the green light to the latest €2.3bn in bailout loans following the completion of the latest EU/IMF/ECB troika review.

An additional €0.5bn is expected in bilateral loans.

The move brings EU funding to Ireland so far to €34.9bn since the launch of the programme in 2010.

The European Commission also published a ''staff working paper'' which highlighted the ''strong track record'' of policy implementation that Ireland has achieved under the programme.

It predicted that the deficit for 2012 is projected to be within the programme ceiling.

But it warned challenges still loom including the deficit, the long-term unemployment rate, and the increasing level of mortgage arrears.

It addedd the country remains vulnerable to a further deterioration of confidence and growth outlook in its main trading partners, especially the eurozone.

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