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13 October 2013

FT: Ireland on course to exit bailout in December


Dublin will exit its international bailout on schedule on December 15 and will not be forced back into one, Irish PM Enda Kenny has said.

But it remains unclear whether Ireland will apply for a precautionary credit line from its international lenders as an insurance policy in case of unforeseen difficulties in the months and years ahead. “The economic emergency will be over", Mr Kenny told party members at a weekend conference. “Yes, there are still fragile times ahead. There’s still a long way to go. But at last, the era of the bailout will be no more.”

Michael Noonan, Ireland’s finance minister, signalled at the weekend conference that Dublin may not apply for a precautionary credit line. IMF countries that exited bailout programmes in the past had a kind of precautionary programme attached", he said. “But we have a very significant backstop because the NTMA (national debt agency) is carrying cash buffers of about €25 billion”, Mr Noonan said.

On Friday Olli Rehn, EU Economic and Monetary Affairs Commissioner, told reporters Ireland had a “very good chance” of exiting its bailout without a precautionary credit line.

Full article (FT subscription required)

See also: EU's Rehn - Spain, Ireland may not need precautionary credit to exit bailouts © Reuters



© Financial Times


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