Lenihan:- Ireland's monetary deficit must be dealt with immediately

[wexfordman]

Lenihan says deficit must be dealt with immediately - Politics, National News - Independent.ie

"
Mr Lenihan made the comments following a meeting this morning with Joaquin Almunia, the EU Commissioner for Economic and Monetary Affairs Joaquin Almunia.
The minister said Ireland's monetary deficit must be dealt with immediately because the country cannot keep borrowing for day-to-day expenditure.
[COLOR=Red]Mr Almunia, meanwhile, said Ireland had even less room to manoeuvre in its public finances than previously expected.[/COLOR]"

[Digout]

Errrr how?

[Digout]

IMF coming?

[Clanrickard]

Errrr how?

Massive cuts.

[JollyRedGiant]

Well he could take some of the €41 billion that 450 people made in profits over the past 4 years - 10% would cover the planned cuts in the budget - they'd still have €37 billion to play with and the government wouldn't need to implement any cuts at all.

[libertarian-right]

Massive cuts.

If we dug deeper into how much the quangos cost us (13billion in 2006) we could eliminate a huge chunk of the deficit.

[sandar]

jaysus Lenihan thinks thats worth an announcement......its so obvious I want to scream....hes like the not very artistic child who comes home and shows his parents the picture he drew that day...they smile and pat him on the head...well this announcement is the equaivalent of lenny drawing his first picture......unfortunately by this time our competiors have the whole of a cistine chapel dfone...

[sandar]

Well he could take some of the €41 billion that 450 people made in profits over the past 4 years - 10% would cover the planned cuts in the budget - they'd still have €37 billion to play with and the government wouldn't need to implement any cuts at all.

what people macde that, where are they and where are your figures form?

[CPAMG]

I posted this in an earlier thread. I sounds like now that Lisbon is out of the way there may be a bit of pressure coming from the ECB on getting our deficit down by 2012.

Never mind the IMF the ECB will be the ones putting the squeeze on us!

ECB's Sramko: EU countries must fix budgets fast

ECB/SRAMKO
PRAGUE, Oct 9 (Reuters) - All European Union countries must slash their budget deficits as soon as possible to get them below 3 percent of gross domestic product, European Central Bank Governing Council member Ivan Sramko said in a newspaper interview published on Friday.

Sramko, the governor of the Slovak central bank, told Czech daily Hospodarske Noviny the Slovak economy was stabilising and would grow by over 2 percent next year.

Slovakia will cut its budget gap below the 3 percent level mandated by EU rules in 2012 and others must move fast as well, he said.

"If the entire EU wants to look credible, the public sector in all EU countries must get into the required standard as fast as possible," he said.

"It is important that the European Commission develops pressure on individual countries to get to balanced budgets as fast as possible. I do not want to say in how many years that should happen, but countries should not linger with that."

Sramko said the economy would return to growth next year but would probably not ever reach the double-digit pace of growth seen before the global crisis.

"This was an unrepeatable coincidence of developments such as the EU entry, attracting foreign investors, foreign car makers and so on," he said. (Reporting by Jan Lopatka; Editing by Ron Askew)

[jake76]

Well he could take some of the €41 billion that 450 people made in profits over the past 4 years - 10% would cover the planned cuts in the budget - they'd still have €37 billion to play with and the government wouldn't need to implement any cuts at all.

Were they taxed on it already?