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THE DEPARTMENT OF FINANCE has this evening published the latest updates to Ireland’s memorandum of understanding with the European Union and the International Monetary Fund for its bailout.
The updates contain the latest edition of the Memorandum of Understanding which oversees the terms and conditions for the €67.5 billion being received from the IMF, European Central Bank and European Commission.
That document sees the government reaffirm its commitment to announcing €3.5 billion in Budget adjustments this December.
That’ll include €2.25 billion in spending cuts, achieved largely through cuts on social spending and in pay, while new taxes – including a broadening of income tax, motor tax, and the new property tax – will total €1.25 billion.
Here are eight points we think are important.
The publication of the report sees Ireland formally request the latest €1 billion instalment of funds from the European bailout mechanisms, and about €900 million from the IMF.
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MULTI- ANNUAL BUDGETS! How can you have multi annual budgets? Are they not annual for a reason as in happens once every year. How about a new name ….multi government theft that happens thrice yearly. Sorry Edna there’s not enough to go around and it’s as simple as that!
The IMF suggested greater transparency and longer term planning with respect to budgets, so households & businesses can plan ahead. This would provide an improved enviroment for economic activity.
The government respond with continued dithering, kite flying and reducing the interval between budgets.
I’m guessing it means budget for multiple years and having some kind of Budget strategy, unlike the “make it up as we go along” we saw previous to 2008. Remember the so called giveaway Budgets of 2002 and 2007, where FF really ramped up the Celtic Tiger madness in order to win the elections? There was a disregard for following years, it was all focused on the present, not the medium or long term.
@Ryan oneill
Perhaps it might be an idea to read up on what they actually mean by multi annual budgets before commenting on them, http://www.fiscalcouncil.ie/wp-content/uploads/2011/07/RIBF_March111.pdf
Helpful of you posted the link before my comment, thanks for that tidbit.
Was given notification of interest relief payment cut today which means I need to use even more of my dole to pay off the mortgage my back is already to the wall don’t have fingernail to hold on so easy for government to take from us without by or leave
Your decision to buy the house, it was a bad decision, live with it, get on with it and stop looking for someone to blame…
And stop hiding behind a stupid name. No wonder you’re on the dole. Who would hire an idiot called rayven.
More government spin.
To simplify this article.
It says that our government(s) are selling us and our country to pay someone elses gambling debts.
They are reconfirming their laziness and cowardice and their avoidance of making brave, yet very simple decisions.
Iceland acknowledged what happened
they sorted out their problems simply and quickly
and they are well out of the woods now.
Unfortunately Ireland is being eternally led deeper into the woods by a lazy, pack of fat, inept, self serving wolves.
‘Simon Flett’? Pot, kettle, black come to mind?
What happened to the online register of actual sales prices of houses – that was supposed to be done by June I thought?
the chicago boys are hitting us up and hard and the boys in blue are backing them to the hilt….there isn’t a pair of balls to be found in the dail in ANY party.
http://www.change.org/petitions/supporting-the-irish-nation-step-down-from-government
We need to claim back our country. Sign and share wherever possible
There’s skit more needs to be done Catherine, political change needs to occur. We already ended a goverments reign unanimously almost, yet what’s happened we have replaced them with the same. New people new parties. no more jobs for the boys step one.
Well someon has to try and make a start….we need to get rid of the whole lot of the people who are in government at the moment…ex government TDS etc should not be getting paid one cent for instance if someone got redundancy they don’t get paid every year for doing nothing example Bertie ahern is on almost as much as the Taoiseach even tho he robbed this country blind and also gets his expenses paid for him including legal advisors by the taxpayers…he should be on the dole.
We need a fresh approach to a newer generation of government who are not all about pleasing the Germans and paying bank debts
What a load of selfish hogwash. If Irish people hadn’t allowed themselves to be bribed for so long this situation wouldn’t have arisen. Earn what you get, instead of expecting undeserved handouts!
Excuse me??
Selfish hogwash??
Did we ask to be in a recession??
Did we make the banks in billions of debt??
Did we ask to have our public services and vital services cut , cut and cut again whilst the government swans around on over €200,000 a year EACH
Sorry but no this was not the Irish people decision this was the decision of the government who are in power now and the government before them!!
Excuse me Catherine but everyone has their hands out asking for more, more, more. Politicians gave more, more, more, so people demanded even more without thinking about where it would come from. Now we’re up the proverbial creek without a shovel and people are bleating that the canoe has rolled over and we’ve fallen into the poo. No wonder. Greedy not needy.
Oh, and Catherine, who voted the governments in? The greedy not the needy.
G’wan Lonergan!! Well done for doing something, never mind the trolls.
@smiley
” politicians gave more, more, more so people demanded even more without thinking where it would come from. I had it all wrote out but my comment was deleted so if you want to see where our money in the Celtic tiger years went visit;
http://www.tv3.ie/3player/show/276/26799/1/specials
What the government didn’t want u to know…here,s what our money was wasted on by our politicians and government officials.
Then take a look at the Irish economy up until 2011 and come back to me and tell me ow on earth you think that the government gave the people what they wanted. Sorry but nah!!
“That’ll include €2.25 billion in spending cuts, achieved largely through cuts on social spending and in pay, while new taxes – including a broadening of income tax, motor tax, and the new property tax – will total €1.25 billion.”
So that’s roughly 65% spending cuts and 35% tax increases, just for those that claim that it’s 100% in tax increases.
The patients are running the asylum, it is just a pity for Ireland, it’s people, our children and their children for generations to come that we do not have or have any prospect of a few sensible people to run the country !
As it can be seen they will bring in plenty more of the same and as a result the future is bleak.
It is time to follow the hundreds of thousands who have already gone.
What about no.9 the bundestag seen it first?
The human cost with regard to the austerity is staggering, from mass emigration of the young and the frightening suicide statistics.
Why does Thejournal always use the flags outside the Westbury hotel when doing an article on the EU?
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