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FIANNA FÁIL HAS welcomed the fact that Ireland will exit the EU/IMF bailout programme in December but has criticised the government’s decision not to avail of a precautionary credit line.

Speaking at Leinster House this afternoon, the party’s finance spokesperson slammed the “political theatre” of the announcement earlier today and said the government had taken the wrong decision in opting to go it alone.

“We believe the country does need to have a lifejacket as we enter what could be potentially quite choppy waters over the next six or nine months,” McGrath said.

Both he and jobs spokesperson Dara Calleary criticised the lack of debate on the issue with Calleary citing a “massive information deficit” about the reasons behind the decision.

McGrath acknowledged the exit is ‘good news’, saying: “Well, absolutely for the country of course.

“There was always a completion date, an exit date from the programme, the programme has been essentially fulfilled and we are exiting completely.”

But he said his concerns essentially “boil down to having an insurance policy in place in the event that something goes wrong.”

Analysis: 5 reasons why the government decided to exit the bailout and go it alone

WATCH: Taoiseach confirms Ireland will exit bailout without credit line

Read: ‘This is the right decision for Ireland’: Taoiseach confirms bailout exit without credit line