first_img Show Comments ▼ whatsapp Tuesday 26 October 2010 8:04 pm KCS-content THE Irish government has doubled the amount of money it reckons is needed to bring the country’s deficit under control to €15bn (£13.1bn) over the next four years.That is twice the level outlined in last year’s budget.“The key reasons for the significant increase from the figure announced in the 2010 budget are lower growth prospects both at home and abroad and higher debt interest costs,” the government said in a statement sent via e-mail yesterday.The announcement followed two days of cabinet discussions on how Ireland can get the worst budget shortfall in Europe back within a limit of three per cent of gross domestic product (GDP) by 2014. Further details will be set out in a four-year plan next month.Speaking to national broadcaster RTE, Minister for Justice Dermort Ahern said the €15bn figure was based on a projection of average growth of 2.75 per cent per year over the next four years.“It’s based on the fact growth both internationally and domestically is no longer going to be as good as what we expected this time last year,” he said.Finance minister Brian Lenihan forecast growth of 3.3 per cent for 2011 when he unveiled the 2010 budget. But economists polled by Reuters expect 2.8 per cent and the central bank has said its forecast of just 2.4 per cent is in danger of being trimmed.Ahern said the government has yet to decide what proportion of the cuts would be front-loaded into 2011. Share whatsappcenter_img Ireland doubles its budget target to €15bn as outlines push for austerity Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndo Tags: NULLlast_img

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