Brendan Keenan: Only a reduction in living standards will heal our ravaged public finances
All effort and attention, should focus on finding the €5bn deficit through taxes and spending cuts, writes Brendan Keenan
ANOTHER triumph. The negotiations went very well, says Finance Minister Michael Noonan. So well, that the European Union and the International Monetary Fund agreed that the new coalition could keep some of its election promises -- provided they do not cost any money.
The pledge to reverse the cut in the minimum wage could even be met, if the Government takes on the legal entitlements to wage rises enjoyed by some workers.
For the moment, everyone is polite and everyone says that things are going well. The review with the "troika" of the EU, IMF and European Central Bank finds targets are being met, deficits are as planned.