Noonan believes EU budget targets are unnecessary

Michael Noonan is again ruling out a full €2bn euro in cuts for October’s budget.

The Finance Minister said he will not need to implement as many cuts as the Troika lenders want.

The European Commission and IMF have both called for a full €2 billion of austerity measures in the budget, saying it is necessary to meet our budget targets.

Speaking in Luxembourg this afternoon Michael Noonan added he does not think he will need to cut so deeply.

"I'm not in a position to say yet how much leeway we'll have; so what I'm saying is whatever it takes to get below 3 percent we'll do that."

"But I no longer believe it'll take 2 billion," said Noonan.