It will become apparent from this account that Ireland’s adjustment began well before its entry into the EU-IMF programme and that many of the elements of that programme were already in place before Ireland had to turn to the Troika.
What involvement with the external partners has provided are the invaluable funds needed both to keep the government and the banks financed and to implement the programme of fiscal, banking and structural adjustment over a reasonable time frame, as well as welcome external discipline and oversight. 2.