Extra year to meet target

FOR months Europe was adamant Ireland had to get its budget back within the rules by 2014, but at the last minute we were given an extra 12 months to get our finances in order.

The new deal means that Ireland has until 2015 to get its deficit back to within 3% of GDP.

Taoiseach Brian Cowen said this will not have any effect on the Government’s €15bn Four Year Plan. He said the extra year was there if, after the plan was implemented, the Government was still shy of the 3% target.