On December 16, 2013 Ireland has formally exited the bailout program funded by the International Monetary Fund and the European Union, thus becoming a financially independent country again, Reuters said.
In address to the nation aired on Irish television, Prime Minister Enda Kenny said that patience and resilience of Irish people have restored their national pride. "Our lives won't change overnight. But it does send out a powerful signal internationally, that Ireland is fighting back," Mr Kenny said.
Dublin received an 85 billion euro lifeline in 2010 following a banking crash in Ireland. According to Prime Minister, the government has fulfilled 90 percent of measures aimed at cutting spending and tax increases during past three years. The Irish GDP is seen to rise to 2%, while budget deficit for 2015 will fall to 3% GDP from current 5% GDP. Ireland's unemployment rate has fallen from 15.1% to 12.5% percent. In the future, the government plans to increase the number of employed by 100,000 to 2 million. Public debt as a percentage of GDP is expected to decline by a quarter.
Meanwhile, in September there were reports that Irish government would turn to the International Monetary Fund and European Union for extra 10 billion euros to create its own stabilization fund that would assist in case of financial crisis.
Ireland has become the first country to announce recession and a severe banking crash. Now it is the first country to exit the IMF and EU’s bailout program. There are still countries that depend on euro loan tranches. They are Portugal, Italy, Spain and, especially Greece, which has already received more than 240 billion euros since 2010.