InfoAnda - Ireland set to finalise crisis plan as bailout looms

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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 Ireland set to finalise crisis plan as bailout looms AFP - Sunday, November 21 Send IM Story Print Ireland set to finalise crisis plan as bailout looms DUBLIN (AFP) - – Ireland moved Saturday towards finalising its four-year crisis plan for cutting its budget deficit which could pave the way for a multi-billion euro bailout. As concerns grow on the continent about European economies feeling the knock-on effects of Ireland's plight, Prime Minister Brian Cowen's cabinet was set to gather for an emergency meeting to put the finishing touches on its austerity plan. "A cabinet meeting is likely on Sunday, in the afternoon," Cowen's spokesman said. The four-year plan is aimed at sorting out Ireland's budget deficit. The government has pumped some 50 billion euros (68.4 billion dollars) into its stricken banks, pushing its public deficit to 32 percent of output -- more than 10 times the EU limit. The new austerity drive is looking to save 15 billion euros between now and 2014. The cabinet is expected to finalise the new budget measures, which should be announced by Tuesday. Cowen said Saturday that the four-year plan was "very well advanced", adding that its "parameters" had already won the approval of European Economic and Monetary Affairs Commissioner Olli Rehn, state broadcaster RTE said. Agreeing on the austerity plan could unlock tense negotiations with the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF) on a bailout for the Irish economy, as the talks ran into a third day. Irish Agriculture Minister Brendan Smith said intense work had been ongoing on the plan and the cabinet would be meeting again Sunday to consider it. "It will be published in the early part of the coming week," he told RTE radio. "Over the last week or so relevant officials from the Department (of Finance) and from the relevant state agencies have been involved in technical discussions with representatives from EU organisations. "Those discussions are ongoing. My understanding is that those discussions are going fine." The international mission is subjecting Ireland's books to forensic analysis, looking at the reasons for the collapse of the one-time "Celtic Tiger" economy. Ireland's public finances were ravaged by costly banking sector rescues, a property market meltdown and the global recession. The bailout package could be worth between 40 and 100 billion euros. The money could be used by the Irish government to prop up the republic's banks, whose huge debt levels have triggered fears of a repeat of the Greek crisis. Ireland's financial sector is still fragile despite the recapitalisation. The government is determined that any deal will not require compromise on Ireland's long-cherished 12.5-percent rate of corporate tax, believed to be key in attracting foreign investment. The tax has helped to encourage companies to re-locate to the republic but EU heavyweights such as Germany claim the low tax rate gives Ireland an unfair advantage and are expected to demand the rate be raised as part of any deal. French President Nicolas Sarkozy hailed the "unprecedented effort" being made by Ireland to sort out its budget but said he could not imagine that Dublin would not raise tax rates. "What the Irish government is doing is courageous and justified," he said. "Faced with a situation like this, there are two levers they can pull: spending and receipts. I cannot imagine that our Irish friends... would not use this because they have more room for manoeuvre than others, their taxes being lower than all the others. "It's not a demand, it's an opinion," he added. Germany's Economy Minister Rainer Bruederle said Ireland's financial collapse had not put the eurozone in danger. "With the euro rescue plan, we have an effective instrument to ensure the stability of the monetary union. Ireland currently has sufficient reserves of liquidity. The situation is being analysed from day to day," Bruederle said in an interview with the weekly Focus magazine to appear Monday. German weekly Der Spiegel said eurozone countries were preparing a 100 billion euro package to bail out Ireland. An alternative plan of 45 to 50 billion euros was also being considered, it said. 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