You are here

Ireland faces more austerity as bailout era ends

Published: 
Sunday, December 15, 2013

DUBLIN—Ireland’s three-year bailout ordeal ends this weekend, a victory in its battle against bankruptcy. But while the government is ready to finance itself without aid, the Irish can’t yet escape what has become Europe’s longest-running austerity programme.

 

The Irish faced ruin in 2010, when the runaway cost of a bank-bailout programme begun two years earlier destroyed the country’s ability to borrow at affordable rates. To the rescue came fellow European nations and the International Monetary Fund with a three-year loan package worth 67.5 billion euros (US$93 billion). The last of those funds arrived in Ireland’s state coffers this week. 

 

Today, Prime Minister Enda Kenny will address the nation on live TV to salute the financial rebound that has eluded the eurozone’s other bailout recipients Greece, Portugal and Cyprus.

 

 

AP

Disclaimer

User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.

Please help us keep out site clean from inappropriate comments by using the flag option.

Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.

Before posting, please refer to the Community Standards, Terms and conditions and Privacy Policy