Ireland nears end of bailout term

Irelandâ„¢s foreign ministry says Dublin has met nearly all of its international bailout commitments, waiting to be the first country to exit the program.

Å“Ireland has successfully completed the 11th review mission and we continue to meet our targets,” Irelandâ„¢s foreign ministry said on Thursday, adding that the country has used about 91 percent of the 85 billion euro (USD 111 billion) bailout from the EU and the International Monetary Fund (IMF).

At the current rate and with all commitments fulfilled, Ireland would exit the international bailout program by the end of this year.

Dublin met nearly all its commitments by issuing debt periodically over the last year – in the form of a 10-year bond in March.

Meanwhile, the head of the country’s debt agency said it will not reveal terms for the next bond sale this year.

The EU-IMF supplied a EUR 85 billion bailout loan to Ireland in 2010, coming mostly from external loans and guarantees, which includes EUR 17.5 billion taken mostly from Ireland’s public pension fund.

Angry citizens accused the government of mishandling the country’s finances while imposing harsh austerity measures.

The move saw cuts to minimum wage, social spending and public sector jobs, while increasing taxes.

The worsening debt crisis forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries including Portugal, Spain, Greece and Italy.

GMA/KA

Republished with permission from: Press TV