- Created: Friday, 07 February 2014 12:12
- Written by Paul Mallon
Over recent months Ireland has been elevated to ‘model pupil’ status by the International Monetary Fund (IMF) and European Union (EU) for its obedience in implementing devastating austerity measures. In December 2013 Ireland became the first Eurozone country to formally exit a bailout programme. In 2008 it became the first country in Europe to enter recession and in November 2010 it accepted a joint EU/IMF bank bailout package worth over €85bn (£72bn) in order to stabilise the unravelling economy. Part of the deal forced the Dublin government to introduce more than 200 austerity programmes, implementing structural reforms such as a property tax as well as severe slashing of public spending. The Fine Gael/Labour coalition elected in 2011 has claimed to be aiming at regaining ‘Ireland’s economic sovereignty’. Despite the optimistic headlines, the fundamental causes of the crisis remain. The Irish people continue to face the devastating social consequences.