Budget deficit date extended to 2014

IRELAND will be one of four countries given an additional year to bring its budget back into line with eurozone rules, Economic Commissioner Joaquin Almunia said.

This is because the Government has complied with the commission’s recommendations and taken effective action on the state’s finances, as well as the fact that the economic environment is more difficult than anticipated, he said.

As a result, Ireland will have until 2014 to reduce the government deficit to 3%, while Spain and Germany will have until 2013, and Britain 2015. France had been insisting for the past few days that they needed an extra year.