Europe to extend finances deadline by 12 months
It is being reported that Europe is giving the Irish Government an extra year to get the country's finances in order.
The current target for restoring stability is 2013. The Irish times is reporting that an announcement is due tomorrow which will extend our deadline for restoring stability by another 12 months.
A statement from the economic and monetary affairs commissioner is also expected to acknowledge the Finance Minister's "effective action" so far.
But due to the worsening situation in the state coffers, the commissioner will also say the Government needs more time.
It is likely it will now give the Government until 2014 to reduce our budget deficit to a sustainable level.
Such an extension would have to be approved by EU finance ministers at their meeting next month.
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