More Irish austerity misery

This video says about itself:

Irish People protest (at last!)

Apr 16, 2012

On the 15th of April over 5,000 people demonstrated at the Labour Party Conference (junior partners in Government) in Galway, Ireland. There is growing discontent with increasing austerity, and the people are finally taking their anger to the streets. We have taken a lot, but enough is enough. Marie-Louise Kenny, freelance journalist, joined the protest in company with her friend Hilary Dully, who filmed the protest. Go on ye good things, bring forward the Celtic Spring!

By Jordan Shilton:

Irish budget deepens misery for working people

11 December 2012

Ireland’s sixth austerity budget in less than five years, announced Wednesday by the Fine Gael-Labour coalition, will intensify the attacks on working people to pay for the bailout of the financial elite.

Combined spending cuts and tax hikes of €3.5 billion (US$4.5 billion) were unveiled by Finance Minister Michael Noonan and Minister for Public Expenditure Brendan Howlin. The measures fall disproportionately heavily on the poorest layers of the population, who have already endured €25 billion of austerity since 2008, equivalent to 17 percent of GDP.

Social devastation has been overseen by the “troika”—the European Union (EU) International Monetary Fund (IMF) and European Central Bank (ECB). Through the €85 billion bailout programme, which Ireland entered in 2010, the living standards of working people have been systematically lowered. The Irish Independent calculated an average family with a combined household income of €55,000 had suffered a reduction in disposable income of €10,000 since 2008, prior to the latest measures.

ECB head Mario Draghi welcomed the latest austerity package as a step towards re-establishing “sound fiscal conditions.”

Spending cuts totalling €2.2 billion were detailed for 2013, most of which are directed at social welfare and public sector pay. The largest chunk of this will be achieved by slashing the public sector pay bill by €1 billion over the next year to be followed by similar reductions annually until 2015.

The Fine Gael-Labour coalition in Dublin is currently discussing a proposal from Finance Minister Michael Noonan, which imposes austerity budgets until 2020: here.

The political economy of the Spanish bank bailout: here.

10 thoughts on “More Irish austerity misery

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