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Irish government to publish savings plan

Irish government to publish savings plan
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People in the Irish Republic will find out this afternoon how grim the future really looks.

Dublin is to publish details of the austerity measures it must take as a precondition of its EU-IMf bail out, said to be around 85 billion euros.

The government’s four year budget plan is predicted to combine ten billion euros in spending cuts with five billion in tax rises.

The government is also set to take a majority stake in the Bank of Ireland after a crash in prices this week diluted shareholders’ equity.

It is thought it could be about to pump more cash into the struggling banks, without even waiting for the EU-IMF money.

The austerity measures add up to around 3,700 euros per person in direct and indirect costs.

There is real anger in Ireland and it is not likely to dissipate after today’s budget plan is revealed.

The measures are expected to include the introduction of water charges for homeowners, a new property tax and cuts in the minimum wage and welfare benefits.