The Economist 2012.12.08 by The Economist

Author:The Economist [The Economist]
Language: eng
Format: epub
Publisher: The Economist
Published: 2012-12-05T16:00:00+00:00

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Ireland’s budget

Light at the end of the tunnel

Ireland’s sixth austerity budget

SINCE mid-2008, successive governments have taken €25 billion ($33 billion) out of the Irish economy in tax rises and spending cuts, the equivalent of 16% of economic output in 2011. On December 5th Michael Noonan, the finance minister, removed another €3.5 billion when he presented the country’s sixth austerity budget.

This is the latest instalment of an austerity plan that the government hopes will achieve two goals. One is to enable Ireland next year to leave the €67.5 billion bail-out programme with the European Union, IMF and European Central Bank (ECB) agreed in 2010 and regain access to market funding. The other is to reduce the budget deficit to below 3% of GDP by 2015. At 8.2% Ireland’s budget deficit is still one of the highest in the EU.

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