Irish people are leaving Ireland as the Government prepares to negotiate a bailout of the country’s banks with its European Union creditors.
Irish Prime Minister Leo Varadkar said last week that the country had a “troubled” financial system and that “there is no doubt” it was in a “crisis”.
But the Government has been forced to deal with an exodus of its citizens and businesses that has caused economic distress in Ireland.
Ireland’s finance minister, Paschal Donohoe, has warned that a bailout will not be enough to rescue the banking sector, despite the country being in an “emergency”.
Mr Varadki said he was confident that the bailout package would be enough for Ireland to keep the country afloat.
“It’s not enough to fix the problem.
It’s not good enough,” he said.
“The problem is the financial system is broken.
And the banks have been broken.”
That’s why I’ve said we have a very complicated financial system that we’ve got to fix and I think that is what the Government is doing.
“He said the Government would “try and keep the Irish banks afloat”, adding that “in the long term, we can keep them afloat”.
Irish Foreign Minister Charlie Flanagan said last month that a €100bn rescue package for Ireland’s banks was “not a sufficient solution” for the country, despite €1.6bn of the funds being earmarked for the banks.”
This will not solve the financial crisis that Ireland faces,” he told RTÉ’s Morning Ireland.”
The only solution that will fix the crisis is for Ireland itself to bail out the banks.
“Ireland has a €1tn debt crisis, but there are fears that it will default on its debts, leaving it with €3.5bn in outstanding loans.
Mr Flanagan added that the Government was “very confident” the Government’s bailout package could be passed into law.