Troika arrives in Dublin for final review as Noonan plans exit
on 29/10/2013 12:22:31
Officials from the Troika have arrived in Dublin for their final quarterly review, though some inspections will continue until all the money is paid back.
In the two weeks since the budget, Noonan has been discussing the exit strategy with the country's bailout partners. After talks with the European Commission and European Central Bank, he concluded discussions with the IMF in Washington last night.
A decision on whether we exit the programme with or without a precautionary credit line is unlikely for another few weeks.
The coalition is believed, however, to favour "going it alone", as a backstop would mean a continuation of visits every three months by the Troika.
Officials from the ECB/IMF and EC will continue as scaled-down reviews every six months until the loans are repaid, no matter which option is chosen.
Fianna Fáil, however, is urging the Government to sign up to a precautionary credit line after Ireland's exit from the bailout deal.
Michael McGrath believes a precautionary credit line, with less severe conditions, is the best option.
"We haven't really tested the market in a very substantial way … and so the cost of borrowing could d increase," he said.
"Not securing a precautionary credit line does expose the country to certain risks."