Ireland 60s four year Plan to be published

Courtesy :Moneycontrol.com

Ireland's four-year plan to reduce its deficit will be published on Tuesday, ahead of any international financial aid package, the Irish Times newspaper reported on Saturday.

International Monetary Fund and European Commission officials are in Dublin to discuss a bailout to help Ireland cope with its struggling banks.

Last month, the Irish government doubled to 15 billion euros the amount of money it reckoned was needed to bring its deficit under control by 2014, a move the finance minister said was to ensure the country would not need a bailout. But that failed to calm jittery markets.

Concerns about swelling bank liabilities and a German-led drive to create a system for restructuring stricken euro zone state debts has pushed Dublin's borrowing costs sharply, forcing the government into rescue talks with European and IMF officials.

An Irish minister said on Friday the government's four-year plan would be published early next week but gave no dates.

However, The Irish Times said the plan would be published on Tuesday, citing unnamed senior Irish officials.

"The cabinet will meet tomorrow to sign off on the 160-page document which charts how the state will reduce its outgoings," the Irish Times said, adding the publication date had been brought forward so it could be identified as a government-originated plan rather than one driven by Europe or the IMF.

The Irish Times said a separate plan for restructuring the banking sector was also expected to be finalised this weekend.

Sources have told Reuters that Ireland may need assistance of between 45 billion and 90 billion euros, depending