Irish economy like a patient moving off EU’s critical list

IRELAND was firmly taken off the critical list by the EU last night as the final details were agreed to the overall rescue package.

The extra latitude negotiated — an extra year to reduce the deficit to 3% of GDP, seven and a half years to repay whatever is borrowed, a competitive rate of interest and no objections to using the rainy-day Pensions Reserve Fund — added to optimism Ireland can do it.

Seen against the backdrop of Greece, which all now agree will not be able to meet its targets, and Portugal that is nowhere near Ireland in terms of being an modern economy, Ireland looked like a patient moving off the critical list.