Social partners agree framework plan on economic recovery

The social partners have reportedly agreed a broad framework on how to tackle the crisis in Ireland's public finances.

Reports this morning say the document accepts that all sectors of society will have to share the burden of economic recovery.

It also reportedly accepts that the Government needs to cut €2bn in spending this year to help plug the massive deficit in the public finances.

The executive council of the Irish Congress of Trade Unions is expected to meet this morning to discuss the framework plan.

If it is approved, further talks with the Government could take place this afternoon on ways to achieve the €2bn in cuts.

Speaking last night, Taoiseach Brian Cowen said he wanted Ireland to be able to rebuild from a position of strength once the current recession passes.