After Ireland Only Greece, Portugal and Cyprus Bailouts Remain

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.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza