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24/03/2009
EU Deadline Looms For Irish Deficit
The European Commission has given Ireland five years to sort out its finances.
The Commission estimates that Ireland's deficit will be more than three times the EU's recommended limit this year, and has insisted the shortfall be brought into line with EU rules by 2013.
Today the Commission will approve the Government's plans to control its debt giving it five years to bring its deficit below 3%.
The Government is facing a deficit of 9.5% of GDP this year, which is more than three times the level allowed under the stability and growth pact, and the highest in the EU.
High borrowing is causing the national debt to soar and it will break the EU target of 60% of GDP by next year.
The Cabinet is holding two meetings today with a further three meetings before the end of the week to hammer out a plan for next month’s emergency budget. The government needs to raise up to €6 billion in tax increases and spending savings.
The social welfare budget is expected to see major changes, as the rise in unemployment means over €1 billion is being spent on sustaining those out of work. There is also a possibility of changes to children’s benefits and further reductions in the childcare allowance.
(DW/BMcC)
The Commission estimates that Ireland's deficit will be more than three times the EU's recommended limit this year, and has insisted the shortfall be brought into line with EU rules by 2013.
Today the Commission will approve the Government's plans to control its debt giving it five years to bring its deficit below 3%.
The Government is facing a deficit of 9.5% of GDP this year, which is more than three times the level allowed under the stability and growth pact, and the highest in the EU.
High borrowing is causing the national debt to soar and it will break the EU target of 60% of GDP by next year.
The Cabinet is holding two meetings today with a further three meetings before the end of the week to hammer out a plan for next month’s emergency budget. The government needs to raise up to €6 billion in tax increases and spending savings.
The social welfare budget is expected to see major changes, as the rise in unemployment means over €1 billion is being spent on sustaining those out of work. There is also a possibility of changes to children’s benefits and further reductions in the childcare allowance.
(DW/BMcC)
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