And they were doing so well! Ireland was the economic gem of Europe for a while there. I honestly lost track of what happened and how this developed. It goes to show this whole "lucky Irish" thing is bunk. They really aren't all that lucky. I love how the business leaders welcomed the package as brutal. That is sweet. How else would a business leader be able to welcome the package? It has to be brutal so the business leader can welcome it. It's like saying ice is cold. I can't figure out why this sentence is in the article, but it is kind of funny. Unless you are in Ireland.
Also, isn't it too bad Bill Gates isn't Irish? Given some of these figures it sounds like he could bail Ireland out all by himself.
Ireland unveiled the harshest budget measures in its history Wednesday, a four-year plan to slash deficits by euro15 billion ($20 billion) so it can receive a massive bailout from the European Union and the International Monetary Fund.
The austerity plan axes thousands of state jobs, trims welfare benefits and pensions, and imposes new taxes on property and water. In all, it seeks to cut euro10 billion ($13.3 billion) from spending and raise euro5 billion ($6.7 billion) in extra taxes from 2011 to 2014.
Even Prime Minister Brian Cowen conceded the plan would hurt the living standard of everyone in the nation.
"Today is about Ireland putting its best foot forward, Ireland saying: Yes, here is what we're prepared to do as a government and a people to put right what has to be put right, and to give ourselves prospects and prosperity again," said Cowen, who is widely expected to resign or be forced from office within weeks.
Business leaders welcomed the package as brutal but unavoidable given that Ireland is all but frozen out of normal lending markets and its banks are running out of cash.
[AP via Yahoo! News]
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