Three years after signing up for an €85bn (£72bn) rescue deal and painful austerity plan, Ireland will leave the programme behind on Sunday night, becoming the first eurozone country to exit a bailout. But there are still three countries in bailout programmes – and Spain’s banks are being propped up until next year.
Greece has already had two international bailouts, but it remains deep in recession, and more recently has slumped into deflation. In 2014, it will face what the International Monetary Fund calls a “funding gap” of about €4bn, which will force it to re-enter negotiations with its international donors.
Its longer-term debt sustainability is also in doubt, and with unemployment running at 27%, there remains a serious risk of a renewed political crisis.
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