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Ireland's pressure to cut deficit faster

09-21-2010 13:57 BJT

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Ireland's central bank governor says the government needs to cut budget deficit at a faster pace. Ireland is struggling to convince investors the government can shore up the banking system.

This comes after Standard and Poor's downgraded the country's credit rating, on concern the cost of the bailout is rising. There's now concern over the extra yield investors demand to hold 10-year Irish government bonds, over German counterparts that rose to a euro-era closing high. It gives Ireland much greater pressure to hold back investors' confidence, by reducing government deficit.

Ireland has been cutting public salaries, to try and reduce its deficit to 3 percent of gross domestic product by 2014. But the rising cost of interest payments is making that difficult. Analysts say the budget deficit could reach 25 percent of GDP by the end of 2010.

 

Editor:Xiong Qu |Source: CNTV.CN

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