Ireland successfully completes EU bailout programme

Ireland has become the first country within the Eurozone to exit a bailout programme after it successfully brought its deficit under control and turned its economy around. 

The country's economy was forced to take on the emergency bailout programme as its deficit increased making it unable to pay its mounting debts in the wake of the financial crisis.

The bailout programme saw the country given a ready supply of 85 billion in cash to help pay its bills but the measure came at a price as a period of austerity led to the shedding of thousands of public jobs.

Despite the bailout exit, Ireland's Finance Minister Michael Noonan warned the country is not out of danger yet.

"Notwithstanding the significant milestone Ireland economy has achieved, the economy remains fragile and as such the country must continue with the same types of policies to post growth," Noonan said.

Experts form the International Monetary Fund, the European Central Bank and the European Union took partial control of Ireland's economy. This led to a period of austerity with taxes being increased and government spending was drastically reduced in an effort to regulate Ireland's deficit rates.

The move was also perceived as a national humiliation with locals appalled that its leaders had been forced to turn the country's economy into shambles.

The government's alarming interest rates on its debts were considered as one of the main reasons to Ireland's economic downfall. Its borrowing rates have now dropped allowing the government to bring its public spending under control.

Meanwhile, in light of Ireland successfully completing the bailout programme, the Irish government said the measures helped the country post greater economic growth and jobs are now being created at a steady rate.

Ireland's economic downfall was perceived as a national disaster but it is some distance ahead of its fellow Eurozone countries that suffered a similar fate.

Portugal is predicted to complete its programme next year, but analysts warn that Spain and Greece are still far from completing the programme with the countries still struggling to regulate its public expenditure and debts. The programmes have seen both countries shed thousands of public jobs amid heavy austerity measures and spiralling unemployment rates.