Ireland's government is preparing to soften its line on austerity in Tuesday's budget, despite warnings from inside and outside the country that it would be better to stick to its targets.
Taoiseach (Prime Minister) Enda Kenny triumphantly declared an end to the "era of the bailout" on Saturday. He said Ireland will become the first euro zone country to finish its bailout in mid-December and it may even do so without a financing backstop from the rest of Europe.
Not everyone is as confident about Ireland's economic future as him.
The government has already put forward its budget to the troika of international creditors -- the International Monetary Fund (IMF), its fellow euro nations and the European Central Bank. It is planning to put through 2.5 billion euros ($3.4 billion) worth of tax hikes and spending cuts, rather than the planned 3.1 billion euros, according to Arthur Spring, a member of one of the parties which makes up the coalition government.
The IMF has warned that Ireland will still have to make up the total 5.1 billion euro adjustment over two years, which has already been agreed. So it could end up either having to make more than the planned 2 billion adjustment next year – or even more if the country's growth does not proceed according to plan.
(Read more: Ireland's latest austerity cut: Its government)
The national body set up to monitor Ireland's finances in 2011, the Fiscal Advisory Council, said Wednesday that it is not OK with a softer budget.
"This could be short-term gain for long-term pain," Philip O'Sullivan, chief economist at Investec Ireland, told CNBC.
"You shouldn't take any risks. Ireland is not out of the woods."
Ireland was bailed out to the tune of 85 billion euros in 2010 when it could no longer afford to support its stricken banking sector.
(Read more: ECB's Asmussen says Ireland must keep to austerity)