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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Irish bailout talks continue as PM faces new setback AFP - 57 minutes ago Send IM Story Print Irish bailout talks continue as PM faces new setback DUBLIN (AFP) - – Negotiations on an international bailout for Ireland's shattered economy stepped up on Thursday and the government's slim majority came under intense pressure in a by-election. The four-year package of austerity measures published by the government on Wednesday is designed to smooth the way towards Ireland taking a huge series of loans from the International Monetary Fund and the European Union. Prime Minister Brian Cowen said the plan gave the Irish people a chance to see the levels of "adjustment" necessary to stabilise the national finances and to "plan ahead for the future". He warned that everyone would be forced to tighten their belts. "People in their own household experience know that you can't go on with a situation if your revenues are back to what you were earning in 2003 and that your spend is right up to date in 2010 terms. "People know that is not a sustainable position," he told parliament. The 15-billion-euro (20-billion-dollar) series of austerity measures include slashing 25,000 jobs, raising VAT, or sales tax, to 23 percent, and cutting public spending by a fifth. Ireland has however managed to preserve its ultra-low 12.5 percent corporation tax rate, a key reason that foreign companies have invested there. In more bad news for Dublin, the yield on benchmark 10-year government bonds jumped to record highs above 9.0 percent as markets remained nervous that other eurozone countries such as Portugal will also need to be bailed out. The draconian austerity plan and a budget on December 7 are crucial steps to show Ireland's nervous fellow eurozone members that it is trying to put its finances in order. But the government's decision to turn to the EU and IMF for loans expected to be worth around 85 billion euros enraged Cowen's opponents who accused him of humiliating the country. That anger was likely to be reflected in Thursday's by-election in Donegal, a rural area of northwest Ireland where resentment towards the EU runs high. Cowen's Fianna Fail party was widely expected to lose the seat, with the nationalist Sinn Fein party favourites to capitalise. Defeat would reduce the government's already narrow majority in parliament to two seats. Finance Minister Brian Lenihan acknowledged there was "no denying the reputational damage Ireland has endured" in the economic crisis. Writing in the Financial Times, he argued that Ireland had the attributes to pick itself up and stressed that the country still ranked second in Europe for productivity. "The government faces many challenges but we have the necessary support to pass the budget in December," Lenihan insisted. Many analysts doubted that the four-year austerity plan will solve Ireland's deep problems. "This was probably the most over-hyped budgetary measure that Ireland has ever seen in its history, and it certainly falls short of our expectations," said Constantin Gurdgiev, a finance lecturer at Trinity College Dublin. Newspapers said the architects of the financial mess, fuelled by a property bubble which burst and left banks with massive debts, had managed to avoid picking up the bill. "It is still the ordinary, decent men and women of this country who must suffer while those who created this mess, the bankers, the developers, the politicians, still seem relatively unaffected," The Irish Daily Mail said. The EU's moves to shore up the Irish economy has so far failed to stem fears of contagion spreading to other heavily-indebted eurozone countries such as Portugal and Spain. Portugal was crippled Wednesday by a general strike in protest at austerity measures introduced there and many analysts believe it is only a matter of time before it too requires emergency assistance. 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