Central Bank report shows 'eight more tough budgets': McDonald25/09/2012 - 18:50:27
Opposition parties have said that a new report from the Central Bank confirms that Ireland is in line for eight more tough budgets in order to comply with EU treaty rules.
A paper published by the bank today sets out the steps which will have to be taken by the present and future Governments in order to comply with the EU fiscal treaty.
It said that while fiscal targets remain on track to 2015, many uncertainties prevail, and budget adjustments will have to be made up to 2020 in order to meet EU targets.
Sinn Fein's Mary Lou McDonald has said that the bank confirms that there are eight more years of further cutbacks.
"They project that we will have tough budgets until 2020, what the report doesn't do is to actually give a figure as to what the level of that adjustment or cutback would mean", she said
"But it leads us back to the thing we debated very vigorously in the course of the austerity treaty debate and that was to meet the requirements of this treaty you are looking art further cutbacks."
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