Sunday, November 21, 2010

Irish Prime Minister Says Budget Plans Are Already in Place

Although many see Ireland next on track for a large EU bailout, the Irish Prime Minister Cowen is claiming that they will not need one.
Cowen assures us that the low corporate tax rate and the four year plan to reduce the budget would not be changed. However, other leaders are extremely skeptic. How can no change in their policies bring about a change in their financial situation ?
An interesting point - if Ireland does need a bailout, French President Sarkozy promised that raiding their corporate tax rate (now at 12.5 %) would not be a condition of their bailout. This is interesting because Greece is currently battling political instability as many of their citizens are protesting the forced changes that Greece submitted to when they received their bailout.
Irish officials are still holding meetings with the IMF and the World Bank.
A specific claim that the Irish people are most concerned about is simply lifting restrictions that limit the amount of salmon they can catch in the surrounding waters.

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