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The following article was published in our article directory on November 26, 2010.
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Ireland The Most Severe Tighten Scheme

Article Category: Business

Author Name: xia zihui

To rebuild market confidence, to meet the EU and the International Monetary Fund (IMF) rescue conditions, local 24, the Irish government announced a 4-year "national recovery plan", this, the market initially reacted positively. But with the Irish debt crisis continue to simmer, the proliferation risks are increasing.

Corporate tax has not increased

In this latest austerity plan, the Irish will be in the next 4 years, 15 billion euros deficit reduction to achieve the 2014 deficit to GDP ratio of the control requirements in the European Union within the 3% target.

As the financial crisis led to the Irish property bubble burst, the bank has accumulated a huge amount of bad debt, the Irish government to save the banking industry to carry a heavy debt burden, it led to today's crisis. It is estimated that the Irish government, Irish budget deficit this year will soar to 32% of GDP, deficit reduction is a difficult task.

The day of the fiscal austerity plan, including the introduction of two aspects: First, cut pensions and other social welfare spending, lowering the minimum wage and salaries of public officers, 4 years to save 10 billion euros of public expenditure; second is to raise value added tax, college tuition and water charges to achieve income 50 billion euros.

The plan is called the Irish the most severe austerity program ever. Irish Prime Minister Brian Cowen admitted that every citizen's life will be affected, everyone has to make a sacrifice for economic recovery.

But the austerity plan does not touch the Irish lower corporate tax. Earlier, Germany and other EU member states of the machine trying to force through the provision of assistance to improve the Irish corporation tax, these countries believe that Ireland's low corporate tax of 12.5% constituted unfair competition in other countries, but lower corporate taxes to attract foreign investment in Ireland has been The secret weapon is seen as the Irish economy.

Ireland marked the introduction of austerity program in order to obtain the European Union and IMF joint relief efforts and step forward. Since the Irish government made 21 requests for assistance since the negotiations continue, but the Irish took a strong fiscal consolidation measures to obtain relief for the core conditions.

S & P said the funds needed to save banks

For the austerity plan, the market initially reacted positively, but the parties mixed. It can become a stable investor anxiety of "tranquilizers" yet to be tested.

European Commission responsible for Economic and Monetary Affairs Committee, said Olli Rehn, the 4-year austerity plan to rescue the negotiations has laid a "good basis" for the consolidation of the Irish public finances will play an important role.

Under the austerity plan, the Irish government will first cut six billion euros in the budget deficit next year to achieve 40% of the deficit reduction target, the current deficit-GDP ratio fell to 9.1%. According to the plan, the Irish government will be formally presented next month 7th 2011 budget, how to complete the first year of significant deficit reduction targets of concern. However, the Irish government's austerity program has also been a number of questions. Shaheen Valle economist at BNP Paribas believes that the plan without any surprises, the lack of fundamental new content, difficult to deal with immediate crises.

Austerity plan outlook for the Irish economy is alleged to be too optimistic. Tightening is expected in the next 4 years the average growth rate of the Irish real GDP up to 2.75%, but some economists believe that, due to fiscal constraints, the next two years to maintain the Irish economy does not shrink quite good. If a good economic situation is not expected, then the Irish government is bound to affect the deficit reduction efforts.

Following the credit rating agency Moody's warned to cut 22 sovereign credit rating of the Irish, the other major rating giant Standard Poor's cut 24 long-term and short-term credit rating of the Irish that the Irish banks need to save more money.

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