Cowen: We can come out of recession

TAOISEACH Brian Cowen tried to sound an optimistic note amid the financial gloom, saying Ireland should position itself to benefit when the global economy recovers.

But the message came in the middle of further turmoil in the banking sector and just 24 hours after the cabinet met to discuss a further €700m of cuts in the budget.

In all, the cabinet is now eyeing total cutbacks in day-to-day spending of €2bn next year — from circa €53bn this year to circa €51bn in 2009.