EU wants spending cuts and tax hikes outlined

THE EU wants the Government to spell out in November the spending cuts and tax increases it will make over the next four years to reduce the massive 32% budget deficit caused by the bank bailout.

Belgian finance minister Didier Reynders said the IMF was keeping a close eye on the situation, while Economic Affairs Commissioner Olli Rehn said they were working closely with the IMF but there was no plan to send a joint EU-IMF mission to Dublin.

But the European Commission and the European Central Bank are looking for the same kind of comprehensive, step-by-step measures that Greece had to sign up to in exchange for its EU-IMF bailout.