Today the Irish government will reveal its sixth radical budget since the beginning of the financial crisis in 2008.
Thanks to 2010’s European Union and International Monetary Fund bailout of 85 billion Euros, and the adoption of hard-line fiscal policies, the nation has come a long way since having the highest debt commitment per capita of any in the world (proportionately) and bank liabilities accounting for a whopping 309 per cent of GDP.
In return for what was then one of the largest bailouts in history Ireland had to stick to the exacting guidelines and spending limits drawn up by its lenders.
Not only did the nation manage to rise to the challenge, it became an example to other struggling members of the Eurozone, the ‘poster boy of the recovery’.
The Emerald Isle also hasn’t experienced anywhere near the kind of austerity backlash seen in Greece and Spain.
In spite of high levels of unemployment the public, on the whole, remain optimistic that the country is moving in the right direction.
As one woman stated: ‘I think that’s why we don’t have anger on the streets. People are trying to get back to work. I think Irish people generally are very optimistic people. On the whole, I think they look for the positives in life.’
However, despite its successes, Ireland still hasn’t regained economic stability.
Consequently, in the latest effort to save shave Euro’s off the budget the Irish government will introduce further spending cuts and tax increases.
Industry experts expect a new property tax to be announced and cuts to be mad to social welfare and health budgets.
Although those members of the Irish population hit worst by austerity are hoping for a better budget than widely anticipated it is thought that these measures could save as much as 3.5 billion Euros.
As of 10:55 am
The Pound to Euro exchange rate is currently trading at 1.2302
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