Euro ministers say Ireland must cut deficit to 3%

IRELAND has no alternative but to cut the burgeoning government deficit back to 3% by 2013, euro group ministers agreed at their meeting last night.

This follows the European Commission’s forecast that says the deficit will widen further to 12% this year, by far the biggest in the euro zone.

While there was widespread praise for the tough steps the Government has taken in its latest budget to cut back spending and raise more money, the message was that there must be no let-up.