Ireland is to exit bailout
Ireland announced on Thursday that it would exit international bailout program next month and do it without first seeking a precautionary credit line. This way the nation will become the first European economy to nations to end its reliance on huge loans made during the worst months of the debt crisis. This means that Ireland will fully return to bond markets and will from now on get financing there. Still, Irish government will have to pay back the existing loans and these repayments will take many years to complete.
Ireland’s success is an important psychological moment for the euro zone which was on the verge of collapse not so long ago and this is a good example for other bailed-out economies – Greece, Portugal and Cyprus.