Kenny to address nation as Ireland exits bailout

//Kenny to address nation as Ireland exits bailout

Kenny to address nation as Ireland exits bailout

Taoiseach Enda Kenny is to address the nation on RTÉ One after the Nine News as the three-year bailout loan programme comes to an end.

It is expected he will thank the country for sacrifices after almost three years of austerity to meet tough bailout targets set by the lending Troika. 

Ireland received the last tranche of funds from the €85 billion euro loan on Friday – when Finance Minister Michael Noonan branded the people of Ireland as the “real heroes and heroines” of the story.

But he warned a long road to recovery still lies ahead and described the economic meltdown as the greatest crisis the country has endured since the Famine.

Mr Noonan insisted the Government is committed to both getting people back to work and helping Irish emigrants return home.

The country’s finances, budgets and policies have been under intense scrutiny since the previous Fianna Fáil-led government agreed to a massive loan package in 2010.

The Troika of lenders – the International Monetary Fund, the European Central Bank and European Commission – have carried out 12 intense reviews over the last three years and imposed a series of tough targets, all of which were met by the State.

During the period, austerity has seen taxes rise by €5.3 billion with public spending cut by a cumulative €9.6 billion. 

After virtual full employment before the banking crash in 2008, the unemployment rate rose to 15% but has recently dropped to 12.5%. 

The country will become the first Eurozone state to have successfully completed a strict bailout programme.

Little is expected to change come tomorrow morning, but Mr Noonan predicted a “change in perspective” in that Ireland will have control over its own destiny.

From abroad it looks to many like the most successful bailout in the Eurozone crisis – but within the country the legacy of the financial crash is far from over. 

Banks which have not already pulled out or been liquidated are struggling with high levels of non-performing loans. 

Personal debt and unemployment remain high and services have been cut. 

Despite the difficulties, the numbers gaining employment are growing, the property collapse has come to a halt and the economy is stabilising. 

Enda Kenny will be seeking to find the right tone in tonight’s television address. 

He will have to acknowledge the achievement in exiting bailout without sounding triumphant to those bruised by recent years. 

RTÉ News – News Headlines

By | 2013-12-15T19:06:35+00:00 December 15th, 2013|Headlines|0 Comments