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Ireland announces annual budget

Ireland on Tuesday announced an annual budget that comprised €6.0 billion ($8.0 billion) in savings, via taxation hikes and spending cuts, in order to gain an EU-IMF bailout

AFP, Tuesday 7 Dec 2010
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Ireland on Tuesday announced an annual budget that comprised €6.0 billion ($8.0 billion) in savings, via taxation hikes and spending cuts, in order to gain an EU-IMF bailout.

Finance Minister Brian Lenihan, delivering his 2011 budget to the Dail, or lower house of parliament, said he would make the savings as part of a four-year plan to slash a huge deficit by a total of €15 billion.

"As outlined in the plan, six billion euros of the overall adjustment is made in today's budget. The scale of this adjustment is demanding but it demonstrates the seriousness of our intent," Lenihan told lawmakers.

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