Ireland's government has unveiled plans for USD 4.5 billion in new taxes and spending cuts in the debt-burdened country's sixth straight austerity budget. Finance Minister Michael Noonan says Ireland must keep slashing its deficits down to the eurozone limit of 3 per cent of GDP.
He says Ireland expects deficits of 8.2 per cent this year and 7.5 per cent next year, but only if the country can deliver stronger economic growth despite deepening cuts. His 2013 budget unveiled on Wednesday includes a new property tax, higher taxes on the incomes of the most well-to-do pensioners, and cuts to government spending. Ireland has endured increasing austerity since 2008, when a credit-fueled property boom went bust.
He says Ireland expects deficits of 8.2 per cent this year and 7.5 per cent next year, but only if the country can deliver stronger economic growth despite deepening cuts. His 2013 budget unveiled on Wednesday includes a new property tax, higher taxes on the incomes of the most well-to-do pensioners, and cuts to government spending. Ireland has endured increasing austerity since 2008, when a credit-fueled property boom went bust.