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The global recession brought about problems in many economies around the world, yet Ireland was particularly hard hit, with many of their banks being put at risk. Previously the nation had followed a policy of low taxes for companies and businesses in order to encourage growth. However, this put the nation’s banks at risk as it made it more costly for them to borrow money.

The EU Finance Commissioner Olli Rehn told journalists that the loans would be provided over the next three years. While this will help the Irish nation it will also benefit the whole EU; because the EU shares a currency, the Euro, the financial stability of all nations is crucial. One of the major issues experienced during the recession was that not all of the nation’s under the Euro were as responsible as they should have been, unlike the U.S. dollar, where the many states are under the same set of rules.

Addressing the Irish people the nation’s Prime Minister offered hope, but also a stern warning about the state of their economy. “We should not underestimate the scale of our economic problems, but we must have faith in our ability as a people to recover and prosper once more,” he said. He also went on to set out a plan for the future, saying, “The task of rebuilding our economy falls to our own efforts as a people. That is where the focus of our efforts must turn over coming weeks, beginning with the four-year plan and then the budget.”

While for a long time Ireland’s economic woes were plain for outsiders to see no requests for help were made. This had many worried because while the Greek economy reached crisis point recently at least their government asked for help and spoke up in time to prevent a total collapse. The fear was that if Ireland did not ask for help its problems would spread throughout Europe. As a result the news of this new loan has calmed the fears of many European finance ministers.

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