McCreevy loses battle
EU finance ministers have just passed the recommendation from the European Commission criticising Charlie McCreevy's giveaway Budget.
It is understood that Minister McCreevy made a strong defence and no other member spoke on the recommendation.
He told the meeting the move was unreasonable and "fundamentally wrong".
Armed with data and statistics to justify his tax cutting budget, he told the EU ministers that the Irish economy is ahead of the rest of Europe and that this unprecedented censure was unfair.
However, the finance ministers voted to pass the recommendation against Ireland.
EU commissioners believe Minister McCreevy's budget is in breach of the European Growth and Stability Pact and that it will fuel inflation and further overheat the already booming economy here.
They are now insisting that Charlie McCreevy corrects the inconsistency between his current budget and the economic guidelines agreed by the EU Commission.
