President Gauck praises Ireland

Ahead of his visit to Ireland, President Gauck had expressed his "great respect" for Ireland's efforts to recover from its economic crisis.

"I don't underestimate the high price that many Irish have had to pay along the way," Gauck said, adding he was anxious to learn more about Irish reform efforts.

In his speech at a banquet in his honor at the presidential residence (Áras an Uachtaráin) on Monday night the German President said "with determined steps, Ireland has succeeded in stabilizing its economy quickly."

"With these efforts your country is a model for many other states within the European Union," Gauck added, speaking hours after European leaders approved a provisional set of reforms submitted by the government in Greece.

"I am relieved that the path towards a compromise was found this morning," Gauck said in reference to the talks in Brussels. "This shows that the willingness to tread the European path together endures."

Received with military honors by President Michael Higgins, Gauck also held talks with Prime Minister Enda Kenny on Monday.

In December 2013 Ireland became the first European country to exit an IMF-EU bailout program. Three years before it had negotiated an 85 billion euro ($117 billion) support package.

On Monday, some leading Irish economists said that they were considering increasing their economic growth forecasts later this month after publication of the next GDP figures.

Philip O'Sullivan, chief economist at Investec Ireland, said that momentum appeared to be behind the economic recovery and forecast growth rates of 4 percent for this year and 3.7 percent for 2016.

The foreign investment agency, IDA Ireland, said on Monday that it had approved 110 investment projects in the first six months of the year for the creation of 9,000 new jobs.

On Tuesday, President Gauck is due to visit the Irish headquarters of German software company SAP after meeting with politicans and entrepreneurs to discuss Ireland's promotion of small and medium-sized enterprises.

During his visit, the president is to accept an honorary doctorate from the National University of Ireland in Galway.

jm/msh (dpa, Reuters)