wird ohne Vorsorgekredit verlassen.
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Minister for Finance Michael Noonan has said the Government’s decision to exit the three-year bailout programme next month without seeking precautionary credit funding is “fully supported” by European lenders and the IMF.
Speaking to reporters as he arrived in Brussels for a meeting of euro zone finance ministers, Mr Noonan said the decision was “the best interests of the country” and the “time was right” to return to full market access unaided.
Mr Noonan phoned European Central Bank president Mario Draghi, European economics commissioner Olli Rehn and IMF managing director Christine Lagarde this morning ahead of the Government’s announcement.
Taoiseach Enda Kenny told the Dáil this morning that it was the “right decision for Ireland”, and the Government would publish a new medium-term economic strategy in the wake of the announcement.
Most Cabinet Ministers were in the Dáil along with a large turnout of TDs for the special announcement.
The Government had engaged extensively with international institutions and partners on Ireland’s exit strategy and they had indicated “we will continue to receive their strong support”.
“It does not mean any windfall of cash and will not mean that our economic and financial challenges are over.”
Mr Kenny said despite the economic challenges “that people will continue to face in their daily lives we will set out a path to a brighter economic future for our people; a path from mass unemployment to full employment, from involuntary emigration to the return of thousands of our people who have had to leave to other countries to find work. I thank the people for their diligence and their commitment.
The Taoiseach added: “Nobody should doubt the Government’s commitment to finish the job that we started when we took up office. Today is just the latest step on that journey, a significant step indeed, but also just another step towards our ultimate objective of getting Ireland working again.”
But Mr Kenny insisted Ireland would exit the bailout in a strong position.
He said German Chancellor Angela Merkel had confirmed “this is a decision for Ireland to make” and she was open to finding ways to improve Ireland’s economy including access for Irish small and medium enterprises.
He said Ireland was eligible to access the EU €500 billion funding backstop.
Tánaiste Eamon Gilmore described today’s decision as “historic, important and welcome”.
He said investors had increased confidence in Ireland, and international confidence in Ireland had improved considerably.
However, Fianna Fáil leader Micheál Martin described today’s developments as a “politically stage-managed event”.
Ireland will now return to full private market funding without the help of a precautionary credit line next month.
Any decision on a bailout exit strategy needed Cabinet approval, before going to the euro group for discussion. At the quickly-scheduled Cabinet meeting, which began shortly after 9.30am, Mr Noonan sought and received Government approval to exit the bailout programme without the help of a precautionary credit line.
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