Follow Ireland Investment Immigration and Ireland's Economic updates: Irish Prime Minister Enda Kenny recently stated in a televised address that, following the conclusion of the international community's assistance program for Ireland, the nation's "good reputation and credibility" will officially be restored.
Enda Kenny emphasized that while Ireland's stability "will no longer be threatened by speculation and greed," the country still needs to make several difficult economic decisions, with a new medium-term economic plan expected to be announced this week.
Ireland is among the first countries in the Eurozone to officially complete the assistance program after receiving aid from the "Troika" (European Union, European Central Bank, International Monetary Fund). To avoid a bankruptcy of the Irish government, the "Troika" provided a three-year, €85 billion assistance loan to Ireland, which came with conditions. After accepting the assistance loan, the Irish government was subject to significant control by the "Troika" in terms of economic decision-making and guidance. To obtain aid, Ireland had to comply with the "Troika"'s demands regarding tax increases, structural reforms, and the sale of national assets, and report progress periodically every three months.
With Enda Kenny announcing the formal end of the assistance program, starting on Monday (December 16), Ireland will officially regain its fiscal independence and will be qualified to raise funds from capital markets like other countries.
In that day's televised address, Enda Kenny stated: "From now on, Ireland will be a fully-fledged Eurozone country. It will abide by the rules, fulfill its obligations, enjoy relevant support, and share in development opportunities just like other members."
However, as economic power returns to the government, Enda Kenny also reminded the public: "This is a crucial step for us to take, but it does not mean that everything is over. Our lives will not change overnight."
"We need to continue implementing prudent fiscal policies, which will give those who create jobs and those who wish to invest in Ireland confidence in our country," Enda Kenny said, "We all know that living beyond our means is not a good thing. We have completed about 90% of the work in terms of cutting spending and increasing taxes. Next, we need to further reduce national debt and make job creation a top priority for future work."