Ireland Eases Off Austerity Despite Warnings

Ireland’s government is preparing to soften its line on austerity in Tuesday’s budget, despite warnings from inside and outside the country that it would be better to stick to its targets.
Taoiseach (Prime Minister) Enda Kenny triumphantly declared an end to the “era of the bailout” on Saturday. He said Ireland will become the first euro zone country to finish its bailout in mid-December and it may even do so without a financing backstop from the rest of Europe.
Not everyone is as confident about Ireland’s economic future as him.

The government has already put forward its budget to the troika of international creditors — the International Monetary Fund (IMF), its fellow euro nations and the European Central Bank. It is planning to put through 2.5 billion euros ($3.4 billion) worth of tax hikes and spending cuts, rather than the planned $3.1 billion, according to Arthur Spring, a member of the coalition government.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza