Ireland becomes the first of the euro zone's financial crisis casualties to stage a recovery this Sunday when it exits its 85 billion euro ($114 billion) aid program. But you may have to wait a while for the green, white and gold tickertape parade.
The country has relied on 85 billion euros ($114 billion) in international bailout loans and assistance from its fellow euro countries, theInternational Monetary Fund (IMF) and the European Central Bank (ECB) for the past three years.
In that time, the Irish government has implemented stiff austerity measures and overhauled the banking system that brought the country's economy to its knees. The last of Ireland's bailout loans was paid out earlier this year and now the country has to go back to paying its own way.
(Read more: We don't need more money: Irish FinMin)
However, there are several crucial reasons why Ireland cannot make as clean a break from its bailed-out past as it would like.
First, Ireland is not exactly out from under the wing of its international lenders, the "troika" made up of the IMF, ECB and European Commission, yet. It will have "enhanced supervision" until 75 percent of its debt has been repaid, a process which is likely to take years, and the IMF is keeping an office in Dublin.
Second, its banking system is far from out of the woods. A recently completed balance sheet assessment of the bailed-out banks: Bank of Ireland; Allied Irish Banks and Permanent TSB, by the Central Bank of Ireland, concluded that all three have not made adequate provisions for bad loans. Nearly a third of buy-to-let mortgages are in arrears – although the rate at which arrears appear is slowing.
Economist David McWilliams has pointed out that the IMF has reserved the right to make a "capital levy" – so a similar move to the tax slapped on bank deposits in Cyprus could be made if debt levels are not brought down quickly enough, penalizing those who still hold large deposits in Ireland's remaining banks.
Third, the Irish government has not yet announced its plans for the post-bailout economy.