Warning over 1% EU bailout cut

ONE of the country’s leading economists has warned that achieving a 1% reduction on the EU/IMF bailout will not be a huge benefit to our debt repayments.

While it would knock about €450m a year off the €45bn borrowed from the EU that is not the real issue for the Irish economy, said Brian Devine, economist with NCB Stockbrokers.

His latest report on the economy warned that under no circumstances should we barter our 12.5% corporation profits tax to secure the 1% cut.