Wednesday February 26, 2020

Black hole of austerity

Ireland's austerity programme is being celebrated by Europe and the IMF, but it will dramatically reduce the government's role in years to come, writes Pat Leahy.

18th December, 2011
Minister for Finance Michael Noonan walks into Government Buildings on the second day of the budget. Photo: PA

Ireland's programme of economic recovery and restructuring is firmly on track, according to our lenders of last resort. But the cost is a hollowing out of public spending which will reduce significantly the economic role of the state in the coming years.

Two sets of documents were quietly published last week which, together, painted a revealing picture of the state of the bailout and its effects on what the state did in the future. If...

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