€15m cuts are open to negotiation, says Rehn

IRELAND’S “dilemma” is risking sluggish growth by trying to regain economic credibility, EU monetary commissioner Olli Rehn last night warned.

In a stark assessment of the choices facing the country, Mr Rehn made it clear Brussels would apply much tougher scrutiny of Irish budgets from now on, but told opposition leaders the planned €15bn cuts package was open to negotiation.

The Brussels monetary chief ended his 24-hour visit to Dublin with a blitz of political meetings as Ireland’s borrowing crisis continued to deepen.