Four-year plan ‘avoids €19bn of budget cuts’

THE country would have to cut €19 billion off its budget next year if it did not produce a convincing four-year adjustment plan, according to Taoiseach Brian Cowen.

He said Ireland would not be able to borrow the money to fund itself unless it could produce a plan to bridge the gap between what earns and spends.

In the Dáil, he said it is not feasible to suggest Ireland does not need to cut its 2011 budget by €6bn.