The Hellenic Radio (ERA): News in English, 10-12-07

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Ireland Rescue Plan Ratified

EU Finance Ministers ratified Ireland's support plan worth 85 billion euros in their meeting in Brussels on Tuesday. Ireland rescue package includes strict terms, such as spending cuts and tax hikes but leaves low business tax which is considered a key factor to boost investments and stimulate recovery. Irish plan was agreed 9 days ago and allows Ireland a period of 4 years till 2015 to reduce deficit by 3%. The Irish Parliament will hold a debate on the draft budget including strict austerity measures.

Budget Debate in Irish Parliament

Debate on 2011 state budget opens in the Irish Parliament amid strong reactions by opposition deputies. The budget introduces the first package of austerity measures which includes saving about 15 billion euros in 4 years - huge amount for a country of 4.2 million people population- to bring 32% deficit of GNP under 3% till 2015.

Many opposition deputies may possibly abstain from voting while there is also strong reactions within the ruling party raising even question about confidence vote for the government.

Sources: ÍÅÔ - ÍÅÔ 105.8 - ÁNA/ÌPA

News item: 51052

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