FXstreet.com (Barcelona) - The EU, ECB and IMF released a joint statement on Thursday in which they describe the results of their inspectors' seventh review of Ireland's economic program. They consider the implementation of the bailout plan satisfactory and point out that the progress "remains strong in a challenging environment."
Troika's document states that Ireland managed to reach the required 2012 deficit target of 8.6% GDP. It praises the steadfast way in which Irish authorities reduce spending and raise taxes in order to bring down the deficit further.
Nevertheless, the country's deficit is still the highest in the Eurozone and unemployment is excessively elevated. Ireland should thus primarily concentrate on stimulating growth and employment.
The positive outcome of Troika's review will allow for the disbursement of the next tranche of the rescue money, amounting to 1.9 billion euros.
Troika's document states that Ireland managed to reach the required 2012 deficit target of 8.6% GDP. It praises the steadfast way in which Irish authorities reduce spending and raise taxes in order to bring down the deficit further.
Nevertheless, the country's deficit is still the highest in the Eurozone and unemployment is excessively elevated. Ireland should thus primarily concentrate on stimulating growth and employment.
The positive outcome of Troika's review will allow for the disbursement of the next tranche of the rescue money, amounting to 1.9 billion euros.
