We are borrowing €400 million every week and we need to cut €5bn from public spending
And that’s just for starters!
According to the report from An Bord Snip Nua release to-day the country needs to cut more than €5bn (£4.3bn) from its budget and more than 17,000 public sector jobs to save the country’s ailing economy.
An Bord Snip Nua, the Irish government’s cost-cutting panel, has called for brutal measures to drive down public expenditure.
But who are these people on this board??
Well we have Mr. Colm McCarthy of University College Dublin,
McCarthy also worked with a business consultancy firm, DKM, before taking up employment in UCD School of Economics.
McCarthy also demanded a 5% reduction in social welfare payments to achieve savings of €850m.
Then we have
Pat McLoughlin, a former deputy CEO for the HSE. McLoughlin resigned from his €165,000 post in 2005 because it would not guarantee him a sufficiently high pension so I here!
The Department of Finance had, apparently, not agreed to a ten year pension top up for this over-paid executive. Yet this same individual was then chosen to sit on a committee to decide on public expenditure cuts! What a Laugh!
Maurice O Connell, a former governor of the Central Bank. This was the man in charge of the Central Bank when the bogus non-resident accounts were being set up to avoid DIRT tax!
O Connell defended his inactivity even though it led to a loss of €100 million from state revenues. This was the man at the same time issued warnings about ‘over-spending’ on social welfare.
I wonder how many people on the dole could be supported on 100 million Euros.?
Mary Walsh, A partner in Price Waterhouse Cooper, the top accountancy firm that is close to big business.
William Slattery, Slattery used to work with the Central Bank as a regulator for Dublin’s IFSC
But then he jumped ship, to help service the hedge funds. Many of the hedge funds have located in Ireland to avoid paying tax because they are offered a special scheme which links them to the Caymen Islands.
These are gambling pools which allow the wealthy to engage in vast speculation these are the same kind of people you would find amongst the 10 Anglo Irish Golden circle members
Anyway back to the report, the following are the main points and I would need to suss out more details in the coming days to be able to make a more detail examination!
- Cutting 17,000 jobs from the public sector –
- health service cuts –
- Increasing the pupil teachers ratio and reducing special needs assistants
- Cutting social welfare and forcing medical card holders to pay new prescription charges.
I believe the report was deliberately published in the holiday season in the hope that it would be swallowed up by other events in the weeks to come.
I hope to be able to come back to this report over the weekend.