Monday, November 3, 2008

EC to take on Ireland over borrowings

Taoiseach Brian Cowen has said the Government would work constructively with the EU Commission when it begins formal proceedings against Ireland over the high level of borrowing in next year's Budget.

Economic Affairs Commissioner Joacin Almunia said today that he intended opening an excessive deficit procedure against Ireland.

The Government will be expected to say how it will cut borrowing levels over the next three years.

1 comment:

The Reviewer said...

This is more than likely to pave the way for a second Lisbon vote, a typical EU threat.