Ministers have been ordered to identify potential spending cuts worth €10½ billion from their departmental budgets, including reductions in staff numbers and social welfare in a three-year plan being prepared on foot of demands from the EU and IMF.
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People's News No.55
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Interesting piece on the Digest. It mentions the IFSC:
ReplyDelete"It’s worth remembering that the IFSC served as an international tax haven for half the world’s top fifty banks and half the world’s top twenty insurance companies.
While Irish banks became indebted to the larger European banks, Ireland also channelled capital from those banks to other peripheral countries.
Ireland became the fifth-largest lender in the world to Italy, Greece and Portugal and seventhlargest lender in the world to Spain, exposing Irish banks—and now the Irish people—to debts of €5.1 billion to Portugal, €25.3 billion to Spain, €40.9 billion to Italy, and €7.8 billion to Greece".