On 14 November, Irish Prime Minister Edna Kenny confirmed that Ireland would exit its bailout program on 15 December without a precautionary line of credit. The announcement came three years after the Irish government received more than EUR 85 billion in loans from the international troika composed of the IMF, EU and ECB, in response to the collapse of its banking system and real estate market. Ireland’s economic environment is improving and the country has built up more than EUR 25 billion in cash reserves following the successful return to bond markets in 2012. The government is confident that the reserves will provide a sufficient buffer to fund the government until at least early 2015, and also to safeguard the economy in the case that market conditions turn unfavorable.
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