Bailout anniversary - Let’s hope Mr Rehn is right

Today marks the first anniversary of the Government’s announcement that the European Union, European Central Bank and the International Monetary Fund had agreed to a programme of financial assistance to Ireland totalling €85 billion.

Then taoiseach Brian Cowen announced the agreement at the Government Press Centre, surrounded by cabinet colleagues Mary Hanafin, Pat Carey and Eamon Ryan.

Ireland had agreed to put up €17.5bn and the remainder would comprise of loans at the approximate interest rate of 5.83%. It was depicted as a rescue package but the public clearly held that government responsible for getting the country into trouble in the first place.