Irish Bailout Troika Endorses Progress On Austerity - Minister
14 Julio 2011 - 7:13AM
Noticias Dow Jones
The troika that arranged last year's bailout for Ireland has
endorsed the new Irish government's austerity program, Irish
Finance Minister Michael Noonan said Thursday.
Noonan said the troika--the European Union, International
Monetary Fund and the European Central Bank--has judged that
Ireland has met all its targets--fiscal, banking and structural
reform.
Budget Minister Brendan Howlin said Ireland's public finances
were showing signs of stabilization after several difficult
years.
However, both ministers said they were aware that further
difficult decisions have to be made in regards to Ireland's budget
for 2012.
The ministers were speaking before the troika was due to deliver
its latest verdict in Dublin later Thursday on the EUR67.5 billion
bailout deal it struck with Ireland in November.
Amid an escalating banking crisis, Ireland was forced to agree
on the bailout deal when markets refused to lend it and the banks
more money.
Noonan also said that some of the financial sector reforms--such
as the merger of Allied Irish Banks PLC (AIB) and EBS Building
Society--had occurred ahead of schedule.
The new Irish government led by Prime Minister Enda Kenny that
swept to power in March committed itself austerity package agreed
with the troika, aiming to reduce a 10% budget deficit this year to
8.6% of gross domestic product in 2012. To do this, the 2012 budget
will need to cut spending and increase taxes by at least EUR3.6
billion.
-By Eamon Quinn and Ainsley Thomson; +353 1 676 2189;
eamon.quinn@dowjones.com
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