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Thread: Gov announces adjustment of EUR15bn needed

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    Default Gov announces adjustment of EUR15bn needed

    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.

    Quote Originally Posted by Irish Government
    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.

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    Default

    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.

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    Politics.ie Member b.a. baracus's Avatar
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    Not surprising but absolutely crippling for the country. Buckle up - it's going to be a very rough journey.
    I ain't gettin' on no plane

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    Quote Originally Posted by David Cochrane View Post
    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...............

  5. #5
    Politics.ie Member Asparagus's Avatar
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    Quote Originally Posted by David Cochrane View Post
    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.
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    Politics.ie Newbie thenavigator's Avatar
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    I feel sorry for ye all over there..... Jesus Ireland is a bleak place now. Glad I am outta there...

  7. #7
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    Default 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.
    @diarmuid_r

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    Politics.ie Member Bobert's Avatar
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    And if tax take is down year on year that'll be optimistic.
    Every one sees what you appear to be, few really know what you are, and those few dare not oppose themselves to the opinion of the many, who have the majesty of the state to defend them.

    - Niccolò Machiavelli

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    Politics.ie Member Fides's Avatar
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    If they're planning to frontload then it is at least 5b in December

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    Politics.ie Member Dreaded_Estate's Avatar
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    Quote Originally Posted by Oldira1 View Post
    Well now lets see do Labour agree...............
    Hopefully we will see what the government plans first

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