Business Irish

Tuesday 24 October 2017

Fiscal reductions have reassured markets: Martin

Foreign Minister Micheal Martin. Photo: Bloomberg News
Foreign Minister Micheal Martin. Photo: Bloomberg News

Svenja O’Donnell and Deidre Bolton

Foreign Minister Micheal Martin said the Government’s fiscal measures have reassured markets and he is optimistic about Ireland’s economic outlook.

“We’re quite hopeful in terms of the future,” Martin said in an interview with Bloomberg Television in Washington today.

“The very tough fiscal measures that we have taken in terms of the cutting of public-service pay, welfare payments, have reassured the international markets and community.”

Taoiseach Brian Cowen said this week the Government’s actions have stabilised the economy and growth will resume in the second half of 2010.

The Government announced pay cuts for public workers in December in a bid to reduce spending by €6bn over the next two years and curb a deficit that reached 11.7pc of gross domestic product in 2009.

“The Irish political system has the capacity to come out of this recession,” Martin said. “We’ve improved the situation fairly dramatically in the last 12 months.”

The country has “turned a corner,” according to Martin. International companies “continue to invest in Ireland because of the low corporate tax rate,” he said.


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