Patrick Honohan, the outgoing governor of the Central Bank, told Michael Noonan, “Don’t ease up now,” as the Minister for Finance prepared to introduce €2.5 billion in cuts in Budget 2013. Honohan wrote to Noonan on September 25, 2012, three months before a budget which introduced the local property tax and cut child benefit, among a range of other austerity measures.
“The first message I would like to deliver can be summarised as ‘Don’t...
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