IMF Set for Hostile Take Over of Ireland with Massive Bail Out

Irish unveil tough four-year recovery plan

BBC News

The Irish government has unveiled a range of tough austerity measures designed to help solve the country’s debt crisis.

Among the spending cuts and tax rises are a reduction in the minimum wage, a new property tax and thousands of public sector job cuts.

The four-year plan is designed to save the state 15bn euros ($20bn; £13bn).

The government is also negotiating a bail-out package with the EU and IMF, expected to be worth about 85bn euros.

Tax rises

The recovery plan outlines plans to cut 24,750 public sector jobs, achieve savings in social welfare spending of 2.8bn euros, and raise an additional 1.9bn euros from income tax.

The government will also reduce the minimum wage by 1 euro, to 7.65 euros an hour, and raise VAT from 21% to 22% in 2013, with a further increase to 24% in 2014.

It said it wanted to protect health and education spending as far as it could.

Read More Here