Report: EU/IMF do not approve of four-year plan

The EU and the IMF have the authority to seek changes to yesterday's four year austerity plan, according to the Irish Times.

The Department of Finance confirmed that the 140-page document could be amended if necessary during talks with the two external bodies.

The document was solely the work of the Government and it is believed the IMF and the European Commission have not endorsed it.

However, the Economics Commissioner Olli Rehn yesterday welcomed the plan saying it is "a sound basis for negotiations" on an emergency loan with the IMF and the EU.

A spokesperson for the IMF said that it was premature to comment on continuing negotiations.