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2012-11-03

Merkel rewards Irish frugality with special terms | Europe | DW.DE | 02.11.2012

The Irish have two trying years behind them. Since November 2010, when Ireland requested and received financial assistance from the European Financial Stability Facility, it has enacted each of the reforms that the Eureopan Union, European Central Bank and International Monetary Fund required as conditions for the 85-billion-euro bailout ($109 billion).

The country is being hailed as a "model student" for having fulfilled every condition of the international lenders. As of this past summer, Ireland has once more been able to take on debt through public bond auctions, and by the end of next year the country should be on track for full reintegration into capital markets.

"We should never forget the sacrifices made by the citizens of countries that push through such reforms," Merkel said. "That's why I'd simply like to say thank you to Ireland for taking that path. It makes all of us stronger."

Still, Ireland has a sluggish economic growth rate of just .5 percent, along with an unemployment rate of 34 percent, and holds gigantic outstanding debts.

Most of the latter are a result of the country's decision to support banks affected by the financial crisis, to the tune of 64 billion euros.

Merkel rewards Irish frugality with special terms | Europe | DW.DE | 02.11.2012

Irland


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