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Gov announces adjustment of EUR15bn needed


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The Government has just announced that in order to reach a budget deficit target of 3% of GDP by 2014 EUR15bn is the figure that will need to adjusted.

In a statement it says the reason for a higher figure is reduced growth forecasts in Ireland and internationally, along with higher debt interest costs.

The statement goes on to say that the Government acknowledges that cuts in expenditure and tax increases will have an impact on the living standards of citizens, but the Government says the measures cannot be delayed.

Irish Government said:
Government Statement

The Government has today decided that an overall adjustment of €15 billion over the next four years is warranted in order to achieve the target deficit of 3% of GDP by 2014. The key reasons for the significant increase from the figure announced in Budget 2010 are lower growth prospects both at home and abroad and higher debt interest costs.

The purpose of the Four Year Plan for Budgets and Economic Growth is to chart a credible way forward for this country. The size of the adjustment for 2011 and the distribution over the remaining years will be announced in the Four Year Plan. The Plan will contain targets for growth and strategies for the achievement of those targets.

The Government realises that the expenditure adjustments and revenue raising measures that must now be introduced will have an impact on the living standards of citizens. But it is neither credible nor realistic to delay these measures. To do so would further undermine confidence in our ability to meet our obligations and responsibilities and delay a return to sustainable growth and full employment in our economy.

Our obligations are clear. We must demonstrate that we are bringing sustainability to our public finances. We must stabilise our debt to GDP ratio over the period of the Plan. And we must set out our strategy for returning our economy to growth.
 

constitutionus

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just heard this on the last word where matt is grilling someone as we type on it.

i presume this is the reason RTE.IE has crashed too?

havent been able to access it for about 20mins.

EDIT.

t'was chief whip john curran he was interviewing.
 

b.a. baracus

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Not surprising but absolutely crippling for the country. Buckle up - it's going to be a very rough journey.
 

Oldira1

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The Government has just announced that in order to reach a budget deficit target of 3% of GDP by 2014 EUR15bn is the figure that will need to adjusted.

In a statement it says the reason for a higher figure is reduced growth forecasts in Ireland and internationally, along with higher debt interest costs.
Well now lets see do Labour agree...............
 

Asparagus

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The Government has just announced that in order to reach a budget deficit target of 3% of GDP by 2014 EUR15bn is the figure that will need to adjusted.

In a statement it says the reason for a higher figure is reduced growth forecasts in Ireland and internationally, along with higher debt interest costs.

-
Clunk

That was that last wheel falling off -

I wonder how many deaths 15 billion adjustment will cause?

Lenihan could actually out do Harney's death total in his next budget.
 

thenavigator

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I feel sorry for ye all over there..... Jesus Ireland is a bleak place now. Glad I am outta there...
 

billy skills

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We have lost our independence

We have lost our independence and control over our own affairs. We must plan for a phased (10 year) pull-out from euro and EU.

France / Germany interests will probably never be aligned with hours, EMU has failed, we need control over our own monetary, taxation, fiscal and budgetary policy.

EEA and non-euro countries are doing well all things considered.

I voted for maastricht, nice 1 and 2, lisbon 1 and 2.
 

Bobert

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And if tax take is down year on year that'll be optimistic.
 

Fides

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If they're planning to frontload then it is at least 5b in December
 

Libero

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9 December 2009. Brian Lenihan TD, Minister for Finance, presented his Budget to the Dáil. Link here.

The effort demanded of every citizen in this Budget is substantial, but it is the last big push of this crisis. Further corrections will be needed in the coming years, but none as big as today’s. Having already provided for an adjustment of €1 billion in capital spending, we have pencilled in an adjustment in day to day spending of about €2 billion for 2011, as strengthening economic conditions begin to lend a hand in closing the deficit...

As we begin to emerge from the unrelenting economic gloom of the last eighteen months, we need to rediscover our optimism and our self-belief. Now more than ever, we need that confidence on which business thrives. The measures contained in this Budget, some of them unpalatable, will engender that confidence...

Our plan is working.

We have turned the corner.

I commend this Budget to the House.
 

kerdasi amaq

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No, we're not, we only think we're broke.
 

gijoe

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I just loved the optics of the Cabinet meeting last night been delayed by Lenny getting back late from taking his orders from the EU Commissioner. It was just like one of the Eastern European Soviet Satellite states waiting for word from Moscow as to what decision they were to rubber stamp.
 

Bobert

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brughahaha

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Should the Thread title not include "over 4 years"??

Reasoned debate is scarce enough around here without tabloidesque headlines
 

Ulster-Lad

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And that would be very little front loading, it would still leave us with €3.3bn for each of the next 3 years.
and that is providing the interest rate on our loans/bonds remains unchanged.
 

Civic_critic2

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I commend this Budget to the House.
This 'I commend this budget to the house' lark, is this a recent anglicism or a traditional effort at self-aggrandisement through aping their 'betters'? When I see it on the tv it strikes me as preposterous.
 
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