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Ireland to annouce spending plans

11-25-2010 08:45 BJT

Ireland is set to announce plans to slash welfare spending and raise taxes. It's a move that helps to pay for the country's catastrophic banking crisis and meet the terms of an international bailout.

The four-year plan for Ireland to save 15 billion euros is the condition for the EU's and IMF's rescue. The Irish Independent newspaper reported that the situation is so critical, that Dublin could pump extra cash into the ailing banks as early as this weekend. And that would be before the expected 85 billion euros in bailout money.

The government is set to take a majority stake in Bank of Ireland, the only major bank not already under state control.

Editor:Xiong Qu |Source: CNTV.CN

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