Anti austerity Program Make Irish Government Worse
By Himfr Oreitta
Submitted 2012-01-31 10:47:34
Number Of Times Read: 42
Ireland s capital Berlin, the people are protesting the government s austerity budget. Figure slogan meaning the European Union, the International Monetary Fund a new world order , criticized the government for policy development will have to take orders from the European Union and the International Monetary Fund.
Winter season, as the Irish weather, political and economic situation as stormy. After 10 days of intense negotiations, the Irish Government and the European Union and the International Monetary Fund representatives in the November 28 finally reached salvage agreement. Ireland will receive 85 billion euros of bailout funds, but the condition is necessary fiscal austerity, and in accordance with the requirements of bank restructuring. 16 euro zone finance ministers will meet with local 28 at first, followed by re convening of the 27 EU finance ministers will complete the relevant consideration, which was officially launched rescue mechanism.
Voters are hammering the Irish government
However, the relief of the Irish people do not buy it. The day before, tens of thousands of people braved the bitter cold all walks of life flock to Dublin from all over the country, held a massive demonstration to protest the government s fiscal austerity program. 26, Donegal County also held a House of Representatives by election, Sinn Fein candidate eventually defeated by an overwhelming majority elected the ruling party candidate. Deep debt crisis of government, Cowen, this is worse the writing on the wall.
Donegal County is now the ruling party had a traditional Republican political territory , in the previous House of Representatives election, the Republicans are almost assured. But in this by election, the Republicans fail miserably, the reason is obvious: the majority of voters to vent their Government s handling of the debt crisis of poor strong dissatisfaction. In this connection, a British mainstream media also commented that voters are hammering the Irish government.
After the parliamentary elections, the ruling coalition government Cowen is more precarious position, the seats in Parliament is only 2 more seats than the opposition. The coalition partner the Green Party has recently made it clear that until the next fiscal year budget passed by Parliament after it quit the coalition government early next year. This is equivalent to an ultimatum, forcing the government announced early elections now, because when the coalition government lost majority in the House of Representatives. Two other independents congressmen threatened to withdraw their support of the coalition government unless the opposition can participate in the drafting of the government budget. However, Cowen refused to hold early elections immediately, saying the government needs first and by tightening budget plan for next year s budget, and finish with the European Union and the International Monetary Fund talks about the rescue plan. Opposition parties said the government betrayed the economic sovereignty
According to government plans announced 21 May, 2011 budget deficit of 6 billion euros cut, the next 4 years a total reduction of 15 billion euros, the budget deficit by 2014 the proportion of gross domestic product control requirements in the European Union less than 3 . The approach is one such drastic cuts in public spending on social welfare, as much as 20 ; the other hand, raise the personal income tax and sales tax revenue. But some economic analysts expressed doubts about the achievement of this goal that the Government of the next 4 years 2.75 average annual economic growth of the optimistic estimate is difficult to achieve.
Parliament is scheduled for December on the Government s austerity budget plan for next year to debate a vote, although the resistance will suffer, but it seems not to be rejected. The two major opposition parties as the opposition, some of Gael and Labour Party members and people frequently to the government recently launched an attack, attacking the government betrayed the national economic sovereignty, also called for early elections, but they also all agree that the budget crunch, but the specific measures differences with the government. According to analysis, the political considerations for the next general election, the two opposition parties are unlikely to collectively boycott the government estimated the budget. But they warned that the international assistance loan rate if more than 6 is not acceptable.
EU worried about the spread of the debt crisis and then
Known as the Celtic Tiger, said the Irish had created over 15 years of economic prosperity, but now is unable to extricate themselves caught in the economic difficulties and political turmoil triggered. The reason, fundamentally speaking, is the fault of the real estate bubble. Bubble burst the banks saddled with huge bad debts, the Government was forced to bail the brink of bankruptcy of several major banks, estimated to cost 50 billion euros, the bank crisis has finally evolved into the Government s financial crisis. The dual face of strong public and opposition pressure to hold early general elections early next year is almost a foregone conclusion. Political developments and, international aid can work, can not but concern the international community.
Even more concern is the Irish EU authorities the debt crisis will spread to other Member States, Portugal and Spain. A period of time, also deeply in debt difficulties Portugal and Spain between the Treasury bill rate is climbing, the cost of government borrowing overwhelmed. Markets have become increasingly worried that they will bear further follow the path of Ireland, which is what the European Union in Ireland where the motives of emergency fire fighting, but the debt crisis of Europe can really stop there, I am afraid that is hard to say.
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Submitted 2012-01-31 10:47:34
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