Monday May 25, 2020

Ireland can bounce back after bailout

Ireland’s programme is on track and should be encouraged by better loan terms, writes Olli Rehn, EU Commissioner

16th July, 2011

The Irish economy has been one of the most severely hit by the current crisis in Europe.

In 2008-2010, Irish GDP contracted by more than 12 per cent, unemployment increased from under 5 per cent to close to 15 per cent, and public debt went from some 25 per cent to around 110 per cent of GDP.

As a result, Ireland was faced with prohibitive conditions in the bond market last year, and had to resort to EU-IMF financial assistance.

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