Difficult austerity measures in Irish vote watched closely

The Irish vote for the new budget with difficult austerity steps is being viewed carefully. Ireland is scaling back govt spending so the pending bailout loans could be repaid, comparable to the austerity measures passed in Greece. The measures should raise about 2 billion in revenue and reduce 4 billion of spending. Ireland is an additional country already in financial trouble from getting to many payday loan. This will ideally help pull them away from their monetary hole.

Vast amounts of Euros cut with Irish vote

The Irish spending budget vote is being closely watched, as the parliament of Ireland has taken on the grim task of voting on further austerity measures, based on the New York Times. Irish austerity measures have to be introduced for the Republic of Ireland to receive a direly needed financial aid package, though that isn’t an official condition. Enough of a budget cut in Ireland would get them a package. About 85 billion Euros would be in that package. The goal of the austerity measures is to cut 6 billion euros from next year’s spending budget, part of an overall goal of cutting 15 billion euros over 2011 to 2013. Having to cut govt spending isn’t popular with the voting public, but doing nothing is often worse.

Accomplishment with austerity cuts years ago

Irish vote can have to decide if the 3rd year of Austerity measures ought to go through, reports the Telegraph. The Emerald Isle could be where they’re introduced. As soon as the budget is passed, Prime Minister Cowen has to call for a new election. There’s a plan of cutting 85 billion euros. The European Union and International Monetary Fund would be where 67.5 billion comes from. The pension fund, like the Social Security fund in the United States, is where the Irish government already withdrew 17.5 billion euros from. Lots of the reductions impact public sector workers. This is the hardest part. The PM will be taking a pay cut of about 14,000 euros per year.

Very few supporters of austerity measures

The govt is getting a lot of bad support from the individuals because of austerity measures. It doesn't help the individuals were already angry at the Irish government because of the huge government bailouts, prefer the United States did, in the country.

Information from

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