Ireland to clamp down on ‘speculation and greed’
Decisions born out of “speculation and greed” will never again be allowed by the Irish government.
Prime Minister Enda Kenny made the vow following the official exit from the international bailout last week.
People in Ireland have struggled in recent years with the economy in recession. The high level of unemployment has forced many people to leave the country to find work.
The exit from the bailout is a significant step in Ireland’s economic recovery.
‘An important step but not an end in itself’
Mr Kenny addressed the nation on television, and praised them for their resolve: “I know that many people are struggling to make ends meet. For many of you, the recent improvements in the economic situation are not yet being felt in your daily lives. But it is now clear that your sacrifices are making a real difference.”
He went on to call the exit an ‘important step’ but ‘not an end in itself’.
Ireland received $115billion from the International Monetary Fund in 2010 following a banking crash and a stagnant housing market.
Under the conditions of the bailout, they had increase taxes and sell off state assets. They had their progress assessed by the EU on a quarterly basis.
After steady improvement, with the economy returning to growth and unemployment falling, Ireland are now in a position to exit the bailout.
It means they can now re-enter the international lending markets, and trade independently, without any EU restrictions.
Tide of emigration will hinder economic recovery
Despite the bailout, the public mood is far from optimistic about the future.
A survey carried out by news website The Journal.ie revealed that more than 50% of people said that “hearing about it makes me feel worse”, with only 6% saying that the news made them feel happier.
This week the Irish government will unveil a new plan for the economy from now until 2020. The main targets are to reduce the national debt by 25% and get more than 2 million people in full time employment.
Ministers also want to stem the tide of emigration which has seen thousands of talented young people leave Ireland over the last five years because they haven’t been able to find work at home. It’s feared the loss of so many highly qualified people could hinder recovery.