EU officials welcome end of aid for Ireland, Spain

AP News
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Posted: Nov 14, 2013 2:42 PM
EU officials welcome end of aid for Ireland, Spain

BRUSSELS (AP) — EU officials have welcomed the end of bailout support for Spain and Ireland, saying they showed the effectiveness of steps to deal with more than four years of trouble with excessive government debt.

Jeroen Dijsselbloem, who chairs the group of finance ministers from euro using countries, said Thursday that "these economies are back on the road to recovery."

Ireland got 67.5 billion euros ($91 billion) after bank bailouts ruined its finances. Spain tapped 41 billion euros from the eurozone countries' bailout fund to recapitalize banks that faltered after a real estate boom collapsed.

Both said they would not seek further aid. Ireland's aid program ends Dec. 15, Spain's in January.

Greece, Portugal and Cyprus remain on bailout support as a result of the euro area's troubles with too much debt.