Economy ‘can survive up to €5bn cuts’

BUDGET cuts of €4 billion to €5bn are needed to maintain Ireland’s fiscal independence, but these will not damage the economy as a whole, international businessman Peter Sutherland believes.

He said the current sense of fatalism and depression evident everywhere in Ireland is damaging growth and will damage the prospects of growth in the future.

Mr Sutherland stressed that “even after the catastrophic events of recent times Ireland is not a poor country” when speaking at the Dublin Chamber of Commerce annual dinner last night.