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Europe's OrphanThe Future of the Euro and the Politics of Debt$
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Martin Sandbu

Print publication date: 2017

Print ISBN-13: 9780691175942

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691175942.001.0001

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Ireland: The Private Is Political

Ireland: The Private Is Political

Chapter:
(p.80) Four Ireland: The Private Is Political
Source:
Europe's Orphan
Author(s):

Martin Sandbu

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691175942.003.0004

This chapter examines the case of Ireland's sovereign debt crisis. It was six months after Greece had been subjected to the troika's tutelage in return for a vast bridge loan, and the eurozone had set up a rescue fund in case other euro states lost access to market funding. Dublin's deficit was on course to hit an incredible 31 per cent of GDP, most of it due to the cost of bailing out collapsing Irish banks. Rumours were rife that Ireland was about to become the first to apply to the new European Financial Stability Facility (EFSF) for financial aid, which would place Irish economic policy, too, under the troika's whip. But even with Dublin's borrowing costs soaring and International Monetary Fund (IMF) officials spotted in the capital, one frazzled government minister after another denied that a eurozone rescue was imminent.

Keywords:   Ireland, sovereign debt crisis, eurozone, rescue fund, Dublin, Irish banks, European Financial Stability Facility, financial aid, Irish economic policy, International Monetary Fund

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