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Taoiseach Enda Kenny Photo by: REUTERS

Ireland to exit its European bailout next month to go it alone

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Taoiseach Enda Kenny Photo by: REUTERS

Ireland  will go it alone next month when the country makes a clean break from its international bailout program.

Although the country's bailout program has cost $91billion (€67.5billion), it is regarded as the best-performing of the four bailed-out EU countries - the others are Greece, Portugal and Cyprus.

However, concern has been raised that the Irish government has decided to exit the bailout program without the back-up of a precautionary credit line in place.

The recession-hit country's banks are still struggling under a mountain of debt incurred during the property bubble that triggered the country's economic collapse - and, according to The New York Times, extra capital may still be needed.

However, Prime Minister Enda Kenny said he was confident Ireland would make a full return to economic sovereignty without the need for a special credit line.

He said:  "This is the right decision for Ireland and now is the right time to take this decision.
"This is the latest in a series of steps to return Ireland to normal economic, budgetary and funding conditions."

Within the eurozone, there has been huge debate over whether Ireland should request a credit line.
It had been argued that a credit safety net would come with stringent conditions and set a precedent, making it easier for other bailed-out countries to exit their programs.

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