Tough austerity measures in Irish vote viewed closely

The Irish spending budget includes some harsh austerity steps, so the Irish vote on the matter is being viewed closely. The Irish govt is set to receive financial aid, but is passing austerity measures to be able to pay it back. A great deal is riding on the new budget. The Irish govt is intending to liquidate at least 6 billion euros. Ireland is another country already in debt from taking out to many personal loans. This will hopefully help pull them out of their financial pit. Source of article – Irish vote on tough austerity measures to trim budget by Money Blog Newz.

Irish vote may mean vast amounts of Euros being cut

The NY Times explains the parliament of Ireland is voting on more austerity votes which are keeping the Irish budget vote closely watched. The Republic of Ireland would only be able to get a financial aid package that is needed with Irish austerity measures. If the budget cuts are sufficient to meet standards, Ireland stands to receive an aid package of about 85 billion euros. A goal of cutting 15 billion euros between 2011 and 2013 would be proved helpful on if the austerity steps go through cutting 6 billion euros from next year's spending budget. Having to cut government spending is not popular with the voting public, but doing nothing is often worse.

Austerity reductions proved helpful this year

The ongoing Irish vote is the third year of austerity steps being introduced within the Emerald Isle, based on The Telegraph. To top it all off, Prime Minister Brian Cowen can have to call for a new election as soon as the budget is passed. About 67.5 billion will come from the European Union and the International Monetary Fund of the 85 billion euros that would be cut. The Irish government has withdrawn 17.5 billion euros from its own pension fund, comparable to the Social Security trust fund for the United States. The public sector workers could be where the majority of the reductions are hurting. A pay cut of about 14,000 euros per year could be taken by the Prime Minister.

Many do not prefer austerity measures

The govt is getting lots of bad support from the people because of austerity steps. It does not help the people were already upset at the Irish government due to the huge government bailouts, like the United States did, within the country.

Citations

New York Times

nytimes.com/2010/12/08/world/europe/08ireland.html?pagewanted=1&partner=rss&emc=rss

The Telegraph

telegraph.co.uk/finance/financetopics/financialcrisis/8186351/Irelands-budget-vote-goes-to-the-wire.html