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Ireland to exit EU-IMF bailout program next month without new precautionary credit line

Ireland's government says the country will exit its international bailout agreement next month on its own and will not negotiate a new precautionary credit line.

Prime Minister Enda Kenny announced the move in Ireland's parliament ahead of a meeting of eurozone finance chiefs in Brussels later Thursday.

Kenny says Ireland will rely on its 25 billion euros ($34 billion) in emergency government reserves to reassure private investors that the country will be able to pay its creditors when the treasury returns to bond markets for financing next month.

Ireland was forced in November 2010 to negotiate a three-year loan deal with the European Union and International Monetary Fund after the state's own cost of borrowing soared to unsustainable highs. Ireland since has exceeded every EU-IMF target for reducing its deficits.