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Ireland Announces Budget 2013
The Minister faced the difficult task of taking EUR3.5 billion from the Irish economy through a combination of tax raising measures (approx. EUR1.25 billion) and reductions in spending (approx. EUR2.25 billion). The scale of the changes announced was dictated by the Troika, but the government worked out the finer details.
Although the adjustments made are the smallest since the recession began, this is cold comfort for taxpayers in Ireland who have received their 6th consecutive austerity budget and again face the introduction of new taxes. On a positive note, however, the government has indicated that these budgetary measures will account for 85% of the required adjustments and that the country is on track to wave goodbye to the Troika in 2013.