Tags: Ireland | IMF | finance | debt

Ireland Nears Bailout Exit After Final IMF/EU Review

Thursday, 07 Nov 2013 11:12 AM

Ireland will become next month the first eurozone country to exit a bailout program after the EU and IMF completed their final review, the Department of Finance said.

Ireland was rescued with the help of 85 billion euros ($115 billion) from the International Monetary Fund and European Union in late 2010.

The country had suddenly been overwhelmed by huge national debts caused by a banking crisis and property market collapse.

"This is a significant day, that many thought, and some feared, would never be reached," Finance Minister Michael Noonan and Expenditure Minister Brendan Howlin said in a joint statement.

Last month, Irish Prime Minister Enda Kenny announced Ireland would exit its bailout on Dec. 15, becoming the first of four bailed out eurozone countries to do so.

Ireland's economy crashed in 2008 after a decade of almost double-digit growth fueled by cheap credit and a booming construction and property sector in what became known as the "Celtic Tiger."

"Having been frozen out of the financial markets three years ago, we have now successfully laid the foundations for exiting the EU/IMF program on Dec. 15 of this year and for making a full return to the markets," Noonan and Howlin added.

Other eurozone countries to have been rescued are Greece, which was the first, Portugal and Cyprus.

 

© AFP 2017

   
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Ireland will become next month the first eurozone country to exit a bailout program after the EU and IMF completed their final review, the Department of Finance said.
Ireland,IMF,finance,debt
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2013-12-07
Thursday, 07 Nov 2013 11:12 AM
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