Gilmore: Deficit deadline should not be extended

The Government does not intend to ask the troika for additional time to close the deficit, Tánaiste Eamon Gilmore has indicated.

One of the troika bodies, the IMF, recently admitted it had underestimated the effects of austerity and suggested some countries required more time to reach adjustment targets.

Ireland is due to implement a €3.5bn adjustment in this December’s budget followed by €3.1bn in 2013 and €2bn in 2014. An extension would spread those cuts over a longer period.