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Updated 21:43
TAOISEACH ENDA KENNY told the Dáil today that the decision to exit the bailout programme without a precautionary credit line is the right one for Ireland.
In a statement to TDs this morning, Kenny has confirmed that a decision has been made to exit the EU/IMF programme without a backstop of credit from European authorities.
“This is the right decision for Ireland and now is the right time to take this decision,” the Taoiseach told deputies.
He was speaking following a Cabinet this morning where Finance Minister Michael Noonan recommended that Ireland exit its Troika programme without a backstop facility. Noonan will inform eurozone finance ministers of the government’s decision at a meeting in Brussels later today.
Kenny said that this is the latest “in a series of steps to return Ireland to normal economic, budgetary and funding conditions”.
“Like most other sovereign eurozone countries, from 2014 we will be in a position to fund ourselves normally on the markets,” he said.
Kenny said that in discussions with German chancellor Angela Merkel she “confirmed that this was a decision for Ireland to make”.
He added: “We will exit the bailout in a strong position. The government has been preparing to return to normal market funding in 2015 for three years.”
The Taoiseach cited strong economic data including 3,000 jobs a month being created, a continually falling Live Register and the cash reserves of the NTMA, which are more than €20 billion, meaning Ireland is funded to 2015.
“Our budget strategy is on track, and the Government deficit is now falling rapidly. Public debt will start to fall next year relative to the size of the economy,” he said, adding that confidence in Ireland has improved.
He warned that the country “still [has] a long way to travel” but said “we are now moving in the right direction.”
“It does not mean any windfall of cash. It won’t mean that our economic and financial challenges are over,” he said.
Kenny said that when Ireland exits the bailout in December the government will publish a medium-term economic strategy that will set out a “new sustainable economic pathway back to prosperity for the country.
“It will be an economic plan based on enterprise, not speculation,” he said.
In unscripted remarks, Kenny added: “I thank the people for their diligence and their commitment… nobody should doubt the government’s commitment to finish the job that we started when we took up office.”
Tánaiste Eamon Gilmroe said that today “is just the latest step on that ongoing journey” of Ireland’s economic recovery.
Gilmore said that there would be “no celebration until our economic recovery of Ireland is complete”.
“But today’s decision, and our exit from the bailout would never have been achieved without the patience and the endurance of the Irish people who have suffered from the crisis and who have, deep down, understood that there is no easy route to recovery,” he said.
Responding for Fianna Fáil, Micheál Martin said that the government has put “political strategy over what’s right for this country” and said there has not been “a single piece of paper presented to anybody” to back-up the government’s decision.
In his response, Sinn Féin president Gerry Adams criticised the coalition for breaking pre-election promises and said: “The Troika may be leaving, but the Troika mindset remains.”
Independent TD Stephen Donnelly said he welcomed the bailout exit and the decision of the government not to avail of the credit facility.
His fellow independent Shane Ross criticised the way in which the government made the announcement and dismissed suggestions that this is a historic day.
“We are not restoring our sovereignty today… we are being treated to a political theatre by the government,” he said, adding there will be no change in government policy.
First published 12:07
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Have I got this correct?
Until now the Government have been able to hind behind and blame the Troika for all the tax increases and welfare cuts, but in next years budget if they introduce any more increases they will be to ones to blame?
They will just blame ff
Next step prosecutions of the guys and girls who got us into this mess with at least five years minimum sentences for the five years of pain they put us through. Probably never happen as the guys and girls are laughing all the way to the banks that where bailed out.
Laughing like fools, must be nice to know your family will never have to want
How do you know that?
Lol there not paid that much. Don’t be daft!
Taoiseach’s Salary is €200,000 per-year and Tánaiste’s is €184,400 per-year.
The only people you never see going to work on bicycles are ex politicians and bookies
Yep, if we all had their wages, we’d be smiling too.
Mark, they are old figures. As well as the pay cut they took on the night they came into office in 2011, their pay dropped from 200k to 185k for Kenny and from 184k to 171k for Gilmore this summer, following the Haddington Road agreement.
Why don’t we go back to Victorian times and not pay our politicians any pay at all and keep politics for the aristocracy only?
That’s quite a step there Ciaran, from 184k/annum to not paying them at all. Why doesn’t Enda set example by taking a cut to 100k for the duration of the crisis, set further example by ridding himself of a few of his highly-paid ‘advisors’ (spin-masters)? Why do you have to ridicule the argument of others by jumping straight to such extremes?
surprise surprise, the two people who think that the taoiseach and tanaiste aren’t overpaid are FG and Labour people.
Didn’t see that one coming…..
Imagine being on 100k having to listen to the average journal poster everywhere you go. I wouldnt do it for less than 300k.
If Enda’s pay was dropped to 100k, there would be just as many on saying it should be 75 or 50.
Every democratic government in the world has advisers, getting rid of a few of them doesn’t serve any purpose except to generate calls for more of them to be got rid of.
I see you’re sticking with the principle Ciaran – don’t address the actual question put to you but instead, extend the argument to a ridiculous extent. Though in fairness, you have rowed back a little from your original, now you’ve just dropped the suggested salary by only 25/50%, your projections lowered. Getting rid of a few of those advisors would indeed have a negative impact – on Enda and on the other Ministers, because if there’s one area above all others where this gov’t has been champion it’s in the spin, the propaganda, the half-truths told and the nasty half buried. You Ciaran, and all those like you, are living proof of that success.
I hope ur joking
Well said ciaran your a idiot
I couldn’t even blame spell check for that Sean.
Come the 15th of December, the Spin and BS is going to be unbearable.
Now the long road to economic sovereignty begins. Thankfully our massive bank debt will ensure that this doesn’t happen too quickly.
This is not quite the exit the media would lead the less informed believe, skating over the reality of the situation in order to falsely portray our government in a positive light. Paying back that bailout is only beginning… We’re a long long way off really exiting this bailout, and sadly we may not even get to see the day we do. Thanks for everything FF Greens FG and Lab.
The Bank debt is €64 billion out of €200 national debt.
Kevin, do all those countries borrow to the extent we have because of possible bankruptcy? Daft statement really. You’re probably from the sector the media target their spin at.
Would TheJournal.ie please explain to its readers how bank-debt of tens of billions piled on national debt amounts to a bailout? How much debt writeoff did Ireland get? You started out as an independent voice, now you’re simply parroting the party line. Far from ‘exiting the bailout’ next month, we’re entering the fourth year of at least 40 years of the bail-in, debt-slaves to Europe. Please, find your voice again, find OUR voice.
Yep Journal, as Regina said, stop trying to make ‘bailout’ happen.
It was a loan to enable the Govt to transfer private bank debt to promissory notes & sovereign debt, with interest paid on both (noting that the bank loan provider was the beneficiary of the arrangement). If we are passive as a nation, at least know what is going on and be passive and angry, rather than passive and ignorant…
http://corkindependent.com/20131113/news/they-havent-gone-away-you-know-S75313.html
http://www.politicalworld.org/showthread.php?15136-Ballyhea-and-the-Technical-Group-Call-For-Destruction-of-the-Promissory-Notes-and-Ask-for-Support-of-Whole-Population
Pride goes before a fall.
Remember this day.
The budgets for running each government Dept was increased this year? whilst benefits for the unemployed, Health, social Welfare and Education was cut. We have to pay back 1 billion each year for monies we have borrowed to pay off the bankers/ speculators and developers, and will continue to do so for many more years. Kenny/Gilmore/Howlin/Noonan have nothing to congratulate themselves for, because nothing has changed, We are still been taxed to the hilt and receiving less for our Euro. We are levied on everything, from Insurances to Pensions, Heat light and power, fuel, we pay for our medical care, we over pay for our medicines. Every child attending school is asked for a contribution, on top of paying for uniforms, and books. We now have LPT, all money collected is going into central funds, and yet Co Council services have been drastically cut. the list is endless, the decision to go it alone will cost the Irish tax payer more in the long run in higher interest borrowings, our ratings are still at rock bottom, our personal debt on top of business debt to say nothing about financial institution debts is unsustainable.
sure wouldnt u be smiling if u conned to voters of this island into voting ya in on promises you never had a chance making, and instead of doing things like taking on the banks and europe rolled over and had their bellies tickled while saddling the generations to come with low pay, high tax banking debt to be paid off…………yeah mighty job edna and gimpmore
Does Enda know in what country these 3000 jobs a month are been created?.There hasnt been 3000 jobs created since he came into power..
.
Suggest you look back at Journal’s Jobswatch pages then for the last while then. While unemployment still remains too high new jobs are being created all the time.
58 teachers in job bridge,dole plus 50 euro a week..That not new jobs , thats slave labour….
Actually did the politically aligned party who took power not introduce a similar scheme in 1930′s Germany, which built the Autobanns?
They better not be taking credit for a continuing fall in the live register
Brian you just wait & see the live register will actually fall quicker come next April when the €10 exit tax on the one way flights will kick in in earnest.
You mean Enda knows the difference between right and wrong?
Amazing.
Would Enda consider the fact that he promised to look for a write down/off of the debt we were lumbered with once he was in Govt but then totally u-turned?
This EU muppet is one of the worse Taoiseachs we’ve ever had. And boy have we had some useless corrupt f-ing stonkers.
Big mistake
Chist Noonan.
It’s Twenty Fourteen NOT Two Fourteen!
And it’s Million not Millin.
Did Enda ask any experts or has he just gone it alone?
Yawn. I’ll bet if we had decided to go with the backstop you would have been complaining as well as you always do.
Jim that you miss the admission of that €20 billion that was borrowed as a backstop?
Kerry, as Enda said yesterday, experts don’t always know what’s best..
Maybe he should ask an expert if his 3 expert advisers are worth it @ 500k.
No complaint there Jim. Just asking did Enda talk to experts or is he flying on a wing and a prayer.
Local elections coming fg and labour will do anything they can do from now till then to look good. Sc_m the lot of them
Kenny and Gilmore you are a little too late the harm is done and for this we will promote you and f**k you out at the GE.
Well Irish people in Ireland, we are sorry for your dilemma, but you have sent a message to the world. Banks and ordinary people… Live within your means. Australia, where I live, has learned from you, and pressure is on our government to stop over-spending, and cuts are been made on hand-outs from government, and also the number of public servants. We wish you well in your long struggle to overcome your difficulties, and believe that your backbone will get you through!
In unscripted remarks, Kenny added: “When do I say that? Oh ok. Fine. Unwahrheit or Luge? Then what? Will the peasants believe that? What time is dinner?”
I keep hearing we need to get back to the markets each day. If I ever get lucky enough to be able to lend money on the markets and ireland phones up looking for a few bob ill say give em double. Why? Because I would be guaranteed every cent back even if it means them fleecing the sick, blind handicapped and old they will pay it back.
Bust banks, merely nominal economic growth, a failing health service, a mortgage impairment time bomb, emigration of our youth, social deprivation and protection of privilege but we are supposed to be whooping with joy.
What a total farce.
Wonder what odds you would get on Ireland needing a second bailout before end off 2015.
crypto-fascist blueshirt bastards
Gilmore and the missing Rabbitt spent all of there lives in both the student unions and the main stream unions,never had a real job in their lives,Gilmore and Rabbitt will retire on a big pension and his wife who just happened to walk from a job that was axed to another one at a higher salary with the help of mr, Quinn
And her 500 thousand from the department of education for a piece of land in Galway,sure they really feel our pain,this is the new Labour Party,Get used to it.
Enda can always go back to school,god knows he needs it,but the EU mandarins will pay him back for shafting us with a plum job in Brussels.
Was that a constitutionally sound decision?
A failed teacher now a failed Taoiseach coupled with another failed teacher who is failing as Minister for Finance.. Two failed teachers running a country.. you couldn’t make it up…
In today’s independent Lucinda Creighton getting a few arse licks on the goverment she can’t wait to get back to FG I’d say she is a sorry woman she caused bother.
3000 jobs created …….. In OZ or NZ maybe !!!!
What a joke……INVESTIGATE NIALL MOLLOY AND VERONICA GUERIN……….both were murdered by the same people in this state…..what a disgrace !!! THE TRUTH IS COMING SOON…..
Another promise kept by Enda- the shinners must be livid, we will continue to laugh in their faces
Enda our national hero, I am so proud of this fantastic man
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