Ireland Unveils 4 Year Budget Details, Riots Imminent

A bunch of completely irrelevant numbers released by Ireland. At best these will achieve nothing but will kick the can down a few more months. At worst violent rioting will be a daily occurrence in Dublin within a week.

From RTE:

  • The Government strategy aims to make savings of €15bn over the next four years, with a €10bn cut in public expenditure and a €5bn increase in taxes. (riots)
  • It said that 40% of the measures (€6bn) will be frontloaded in the Budget, which will be delivered on 7 December.
  • More than 24,000 jobs will be cut in the public sector over the four-year period.(riots)
  • The public sector pay bill will be reduced by €1.2bn and pay for new entrants will be reduced by 10%. While public services retirees face significant cuts in their pensions. (riots)
  • Ireland will raise VAT rate to 22% in 2013, and 23% in 2014 (riots)
  • Ireland may tap pension reserve fund for infrastructure plan (kiss that retirement money goodbye)
  • It says the numbers of people paying tax must increase, but that an income tax system where more than 45% of tax units pay no income tax is not sustainable (riots)
  • Ireland promises to maintain a 12.5% company tax rate (this will be revised soon courtesy of Olli Rehn and the European overlords)
  • And the funnitest thing you will see today: the government expects to grow at just under 3% for the next 4 years.(laughter)

As Portugal is currently gripped in its biggest general strike in history over precisely the same issue (austerity budget), sit back, and enjoy the Dublin riots to cause Waddell and Reed to sell some ES soon to quite soon.

Full 140 page plan here, and the abbreviated leaflet is below: