|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    19th of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

Debt News feed Debt News

All Financial News feed All Financial News




Ireland unveils measures to trim deficit

Bookmark and Share

by Kay Mitchell
”Ireland

Ireland is the latest in a long line of nations forced to introduce tough austerity measures to deal with its spiralling budget deficit.

The country’s Government has outlined €15 billion (£13.1 billion) worth of budget cuts and is aiming to shave the deficit to 3% of GDP by 2014 to keep within euro zone rules.

Like many other Governments across the world, Ireland will be introducing spending cuts and tax hikes – a move that has led to many protests from workers across the euro zone.

The Irish deficit is forecast to be the equivalent of 32% of the country’s economic output this year.

Last month, credit agency Fitch cut Ireland’s debt rating to A+ from AA- with a negative outlook.

Fitch said the downgrade was due to massive banking bailouts, which have drained the economy, as well as uncertainty surrounding the fragile recovery.

Fitch also cut the short-term foreign currency issuer default rating to F1 from F1+.

Fellow rating agency, Moody’s, added that weak economic growth and rising borrowing costs could lead to a further cut.

Many analysts are of the opinion that Ireland will fall into recession again or face a Greek-style debt crisis.

Discuss this in the Finance Markets forums

Story link: Ireland unveils measures to trim deficit



News posted: November 7, 2010

Financial Services:





Related financial stories to: Ireland unveils measures to trim deficit:
Previous: «
Next: »

Visited 2998 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , , ,