Euro body will monitor State’s budget until 2042 to ensure we repay debts

The euro body that helped bail out Ireland will be checking annual budgets for decades to come to ensure enough money is set aside to repay the debt.

While the troika will officially leave once 75% of the debt is cleared, the Luxembourg-based EFSF will remain, the Irish Examiner has learned exclusively.

The body will develop its own “early warning system” to alert it to any danger that the country cannot repay the capital and the interest, EFSF chief Klaus Regling said on the eve of Ireland’s exit from the bailout programme.