The Hard Shoulder 15 years of the IMF in Ireland
Nov 19, 2025
Pat Leahy, the Irish Times political editor, shares vivid memories of the bleak atmosphere in Leinster House during Ireland's 2010 bailout, while economist Colm McCarthy delves into the reckless lending and the banking collapse. They discuss the significant political fallout and the long-lasting impact of the IMF on Ireland's economic strategies. From governmental denial to the need for fiscal caution post-bailout, their insights paint a compelling picture of Ireland's recovery and the lessons learned from the crisis.
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Three Cold Nights That Changed Ireland
- Pat Leahy recalls three bitterly cold Sunday nights when the government moved from denial to announcing the IMF programme.
- Protesters breached government gates as ministers conceded Ireland would lose control of its finances.
Markets Readiness Versus Political Messaging
- Pat Leahy describes a shift from denial to a sense of inevitable collapse as Ireland was driven out of debt markets in 2010.
- Officials claimed funding lasted 'until the middle of next year', which in markets signalled immediate bankruptcy.
How The Crisis Unfolded From 2008
- Colm McCarthy traces the crisis back to late 2008, highlighting the 2008 bank guarantee and weak fiscal control.
- He names stress tests in 2010 that revealed systemic insolvency across Irish banks.