Difficult Austerity Steps In Irish Vote Watched Closely

The Irish spending budget includes some harsh austerity measures, so the Irish vote on the matter is being watched closely. The Irish govt is set to receive financial aid, however is passing austerity measures to be able to repay it. Tax increases and spending reductions are part of the measures aimed at freeing up 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 might mean vast amounts of Euros being cut
Most are keeping a close eye on the Irish budget vote, claims the New York Times. This is since the parliament of Ireland has decided to vote on more austerity measures. It isn't a condition that austerity measures have to be introduced in Ireland for a financial aid package. However, the Republic of Ireland would nevertheless have to do them. If the budget reductions are enough to meet standards, Ireland stands to receive an aid package of about 85 billion euros. About 6 billion euros would be cut from next year's budget with the austerity steps. This would be good for the goal of having, between 2011 and 2013, 15 billion euros cut. The voting public isn't too keen about the idea of cutting government spending. Something has to be done though.
Effective years of austerity cuts
The Telegraph reports the Emerald Isle is where the 3rd year of austerity measures will be introduced. As soon as the budget is passed, PM Cowen has to call for a new election. Of the 85 billion euros to be cut, 67.5 billion is from the European Union and the International Monetary Fund. About 17.5 billion euros were withdrawn from the pension fund by the Irish govt. This is kind of like the United States social security. The public sector workers can be where the majority of the reductions are hurting. A pay cut could be taken by the PM too. It can be a loss of about 14,000 euros a year.
Not loving austerity measures thus far
The public is already upset with the Irish government due to huge government bailouts comparable to what the govt did while the idea of austerity measures makes the individuals even more angry with the government.
Articles cited
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

By: Christopher Roosevelt

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Source for this article - Irish vote on tough austerity measures to trim budget by Money Blog Newz.