Saturday, November 20, 2010
Irish Prime Minister Says Budget Plans Are Already in Place
Irelands Prime Minister Brian Cowen announced that their four year plan to reduce their budget would not be changed. He was quoted as saying “Our tax rate is 12.5 percent and it is transparent and it is a matter for the national government.” However the opposition has fears that with interest rates as high as 8% that Ireland will not be able to borrow more money from financial markets. Irish bank debts are about 70 billion euros which is about one half of the country's output.
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see my previously posted article about the Irish government's problem. Like Portugal, Ireland claims that it has enough money to last until late spring. In the face of this, how is Ireland going to fair after late spring if they refuse to change anything?
ReplyDeleteHopefully I can find an article about the EU and more specifically the rich countries of the EU are responding to this announcement.