Sticking to bailout terms offers best chance, says OECD

Structural reforms including wage reductions, labour market reforms and changes to unemployment benefit will have much less effect on improving Ireland’s economic performance because many of the adjustments have already been made, according to the OECD.

But sticking to the bailout programme and abiding by the policies the country has set out offer the best chance to regain the confidence of the markets, and this in turn will lead to a resumption of growth and job creation.

Secretary-general of the Paris-based organisation, Angel Gurría, insisted that while the EU has done much to protect the eurozone, “the mother of all firewalls” should be put in place to ensure speculators will not even attempt to attack the area.