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The troika said Ireland's ability to achieve a 2011 deficit of 9.4 percent of GDP, excluding exceptional bank-bailout costs, was much better than their target of 10.6 percent and reflected better-than-expected profits by the multinationals. They said Ireland would likely see tepid GDP growth of just 0.5 percent this year. Noonan said Ireland was more optimistic, but still intended to trim its own 2012 growth forecast from 1.3 percent down to around 0.75 percent of GDP. The troika officials said their leaders in Brussels, Frankfurt and Washington are expected to approve Ireland's next installment of loans
-- euro2.3 billion from the EU and euro1.4 billion from the IMF -- within the next few weeks. Ireland in 2010 was forced to negotiate an EU-IMF rescue loan as investors fearful of an imminent national default quit lending to the country at affordable rates. Ireland found itself financially overwhelmed as it nationalized five of its six banks at a cost expected to reach
euro70 billion ($90 billion), or approximately euro15,000 ($20,000) per man, woman and child in Ireland.
[Associated
Press;
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