The country will not break free of its shackles entirely. Inspectors will continue to carry out visits twice a year until 2031 "at the earliest" under a surveillance mechanism. Ireland will face binding constraints under Europe's deflationary Fiscal Compact.


It is more competitive than Germany, with flexible labour markets and one of Europe's most dynamic and open economies... Even so, Ireland's budget deficit is still 7.6pc of GDP five years after the storm broke. Public debt has soared to 125pc. Growth was just 0.2pc in 2012 and barely more this year. Industrial output fell 7.5pc in October from a year earlier, a reminder of how precarious the situation remains.

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