Vigilance is essential on reform commitments

WITH a potential Greek economic tragedy facing Europe, our own Central Bank took the opportunity yesterday to warn the Government not to take its eye off the cost-cutting measures it has put in place to ensure we get back to meeting EU guidelines by 2014.

Given the pressure on Greece and others struggling with overwhelming debt, the bank warned the Government of the importance of us being able to borrow “on good terms and avoid being classified amongst those countries whose fiscal situation is the most worrying”. Overall the bank was positive but it did not want to let the moment pass and warned the Government that vigilance was needed to ensure we safeguard our credit rating internationally.

It said the Government has to give the EC more clarity and detail about its savings plans out to 2014.