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No bailout safety net as Kenny confirms we're going it alone

IRELAND is to go it alone after exiting the Troika bailout. An emergency meeting of the Cabinet this morning concluded that there is no need for a financial 'safety net'.

Taoiseach Enda Kenny said: "This is the right decision for Ireland and now is the right time to make it. We will exit the bailout in a strong position."

The move means Ireland will regain its economic sovereignty on December 15.

Ministers were shocked when they were given short notice to attend the meeting at Government Buildings.


Finance Minister Michael Noonan told them that he believes the country's finances are stable enough to withstand the bond markets.

The Dail was then called for a special address by the Taoiseach and Tanaiste who described it as an "historic day".

Mr Kenny said: "Never again will our country's fortunes be sacrificed to speculation, greed and short-term gain."

He explained that he had discussed the 'go it alone' approach with German Chancellor Angela Merkel who "accepted" it was a decision for Ireland to make. Minister Noonan is travelling to Brussels to inform other EU finance leaders of the decision.

"Like most other sovereign eurozone countries, from 2014 we will be in a position to fund ourselves normally on the markets. We still have a long way to travel, but clearly are now moving in the right direction," said Mr Kenny.

He added: "Neither today's decision, nor the exit from the bail-out in December, means the end of difficult economic decisions. There are still demanding times ahead.

"It does not mean any windfall of cash. It won't mean that our economic and financial challenges are over."

Tanaiste Eamon Gilmore recalled the "shock and sense of grief when Ireland went into a bailout at the end of 2010".

"Today's decision is historic, it is important and it is welcome but there will be no celebration."

He also praised the Irish people for their "patience and endurance" since the economic crash. Alongside the bailout exit in December, the Government will publish a new 'Medium Term Economic Strategy'.

The alternative options today were to ask the EU for an overdraft facility that the Government could dip into if necessary, or to look for a second bailout.